Earnings release
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Klabin KLBN Earnings Release 2026
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2/44 Earnings Release 2Q26 ADJUSTED EBITDA REACHES R$ 2.0 BILLION IN 2Q26, REFLECTING PERFORMANCE OF SEGMENTS AND DISCIPLINED COST MANAGEMENT Operational Efficiency Production Commercial Excellence Net Revenue Production performance highlights operational stability and the continued progress of the PM28 ramp-up. Strategic allocation of volumes to premium and profitable markets, with resilient pricing performance across all businesses, despite the appreciation of the Brazilian real against the U.S. dollar. Cost efficiency R$ 3,204/t Profitability EBITDA Margin 38% Total unit cash cost remained stable vs. 2Q25, reflecting efficiency cost initiatives, which partially offset the pressures resulting from the ongoing geopolitical conflicts. Strong operating performance, supported by operational discipline, commercial strategy , pricing strength, and disciplined cost management. Leverage (US$) 3.2x Return to Shareholders Repurchase Leverage ratio, in U.S. dollars, ended 2Q26 at 3.2x, down 0.1x versus 1Q26, reinforcing the optimization of the Company's capital structure. Release of a Material Fact notice announcing a Share Repurchase Program , focusing on creating value for shareholders through efficient capital structure management and Management’s confidence in Klabin’s performance. Klabin Market cap R$ 21 billion¹ 1KLBN11 on 6/30/2026 KLBN11 Closing Price R$ 16.74/unit¹ 2Q26 Average Daily Trading Volume R$ 98 million Conference Call August 6, 2026 (Thursday) 11:00 a.m. (Brasília) Link: Zoom Investor Relations Channels http://ri.klabin.com.br/ invest@klabin.com.br Klabin Invest: Videos and Podcasts
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3/44 Earnings Release 2Q26 Financial Highlights ∆ ∆ ∆ 2Q26/1Q26 2Q26/2Q25 6M26/6M25 Sales Volume (thousand tonnes)¹ 1,018 1,016 1,011 0% 1% 2,029 1,917 6% % Domestic Market 54% 51% 51% + 3 p.p. + 3 p.p. 53% 52% + 1 p.p. Pulp 386 401 395 -4% -2% 787 740 6% Paper 359 356 345 1% 4% 716 656 9% Packaging 273 258 272 6% 0% 531 522 2% Net Revenue² 5,151 4,946 5,247 4% -2% 10,097 10,106 0% % Domestic Market 67% 65% 61% + 2 p.p. + 6 p.p. 66% 61% + 5 p.p. Pulp 1,446 1,409 1,587 3% -9% 2,855 2,964 -4% Paper 1,714 1,689 1,715 1% 0% 3,403 3,286 4% Packaging 1,915 1,794 1,860 7% 3% 3,709 3,553 4% Adjusted EBITDA 1,962 1,669 2,041 18% -4% 3,631 3,900 -7% Adjusted EBITDA Margin 38% 34% 39% + 4 p.p. - 1 p.p. 36% 39% - 3 p.p. Net Income 387 (497) 585 n/a -34% (110) 1,032 n/a Net Debt 24,032 24,041 27,951 0% -14% 24,032 27,951 -14% Net Debt / EBITDA (LTM - BRL) 3.2x 3.1x 3.7x + 0.1x - 0.5x 3.2x 3.7x - 0.5x Net Debt / EBITDA (LTM - USD) 3.2x 3.3x 3.9x - 0.1x - 0.7x 3.2x 3.9x - 0.7x CAPEX 657 839 649 -22% 1% 1,496 1,254 19% Average BRL/USD Exchange Rate 5.05 5.26 5.67 -4% -11% 5.15 5.76 -11% End of Period BRL/USD Exchange Rate 5.18 5.22 5.46 -1% -5% 5.18 5.46 -5% 1Q26 2Q25 6M26 6M25R$ million 2Q26 ¹ Excludes wood and by-product sales ² Includes wood and by-product sales and hedge accounting
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4/44 Earnings Release 2Q26 Table of contents Quartely Message ................................ ................................ ................................ ................................ 5 Operational Performance ................................ ................................ ................................ .................... 7 Scheduled Maintenance Stoppages ................................ ................................ ................................ ...... 7 Net Production ................................ ................................ ................................ ................................ ...... 8 Business Performance ................................ ................................ ................................ .......................... 9 Sales Volume ................................ ................................ ................................ ................................ .... 9 Forestry ................................ ................................ ................................ ................................ ........... 10 Pulp ................................ ................................ ................................ ................................ ................. 10 Paper ................................ ................................ ................................ ................................ .............. 12 Packaging ................................ ................................ ................................ ................................ ....... 13 Economic and Financial Performance ................................ ................................ .............................. 15 Net Revenue ................................ ................................ ................................ ................................ ....... 15 Total Cash Cost ................................ ................................ ................................ ................................ .. 16 Adjusted EBITDA ................................ ................................ ................................ ................................ 20 Effect from Variations in Biological Assets ................................ ................................ .......................... 22 Financial Result ................................ ................................ ................................ ................................ .. 23 Net Income ................................ ................................ ................................ ................................ ......... 23 Investments (CAPEX) ................................ ................................ ................................ ......................... 24 Free Cash Flow................................ ................................ ................................ ................................ ... 25 Return on Invested Capital (ROIC)................................ ................................ ................................ ...... 26 Debt and Cash Position ................................ ................................ ................................ ...................... 27 Hedge Accounting ................................ ................................ ................................ ............................... 29 Derivative Financial Instruments ................................ ................................ ................................ ......... 30 Capital Markets................................ ................................ ................................ ................................ ... 32 Variable Income ................................ ................................ ................................ ................................ .. 32 Share Buyback Program ................................ ................................ ................................ ..................... 33 Fixed Income ................................ ................................ ................................ ................................ ...... 34 Rating ................................ ................................ ................................ ................................ ................. 35 Shareholder Remuneration ................................ ................................ ................................ ............... 36 Events After the Reporting Period ................................ ................................ ................................ .... 37 Conference Call ................................ ................................ ................................ ................................ .. 38 Annex 1 - Consolidated Income Statement ................................ ................................ ...................... 39 Annex 2 – Consolidated Balance Sheet ................................ ................................ ............................ 40 Annex 3 - Debt Amortization Schedule ................................ ................................ ............................. 41 Annex 4 - Consolidated Cash Flow Statement ................................ ................................ ................. 43
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5/44 Earnings Release 2Q26 MESSAGE In the second quarter of 2026, Klabin demonstrated operational stability, with disciplined execution of its commercial strategy and consistent results. The period was marked by persistent geopolitical conflicts, which sustained an environment of instability, resulting in inflationary cost pressures. In addition, the period also saw an appreciation of the Brazilian real, which put pressure on export revenues. In this context, the Company continues to benefit from its unique portfolio structure, providing ope rational flexibility and contributing to mitigate the volatility of its results. Consolidated net revenue totaled R$ 5.2 billion in the period, a decline of 2% compared to 2Q25, mainly reflecting higher pulp prices in USD and packaging prices, combined with the growth in paper and packaging volumes. These factors were partially offset by a stronger Brazilian real against the U.S. dollar during the period. Adjusted EBITDA totaled R$ 2.0 billion in the quarter, reflecting the effects mentioned above, plus the cost reduction strategies implemented by the Company during the period. In the pulp segment, sales volume came to 386 thousand metric tons, practically in line with the same period last year. In 2Q26, the combination of Klabin's diversified portfolio and the active management of the sales mix enabled the Company to capture opportunities across different products, regions, and markets throughout the industry cycles, improving the resilience of its resu lts. Note that long fiber/fluff prices continued their upward trend over the quarter, amid sustained demand—especially for fluff—driven by products for personal hygiene, baby care, and adult care applications. In the paper business, sales volume totaled 359 thousand metric tons, up 4% from the year -ago period, driven by the performance of the coated board segment, which delivered growth of 7% in sales volume and of 5% in net revenue v ersus 2Q25. Over the quarter, supported by its operational flexibility, Klabin continued to pursue a strategy of maximizing the profitability of its assets, directing volumes based on market conditions and further enhancing portfolio integration, with higher kraftliner production volumes allocated to the packaging segment. Turning to the packaging business, sales volume totaled 273 thousand metric tons, in line with the same period last year, reflecting the strong comparison base in the second quarter of 2025 , demonstrating the Company’s strong performance and consistent improvement of its service levels. The segment’s net revenue increased by 3%, driven by the successful price increases for corrugated boxes. Total cash cost per metric ton, including the effects of maintenance stoppages, was R$ 3,204/t in 2Q26, in line with 2Q25, driven by variable cost reduction initiatives realized during the quarter. These initiatives partially offset the rise in costs amid pressure on inputs and freight associated with ongoing geopolitical conflicts, as well as the preventive measures implemented ahead of the potential impacts of El Niño in the second half of the year. The Company ended 2Q26 with a leverage ratio, measured by net debt relative to Adjusted EBITDA, in USD, of 3.2x, representing a reduction of 0.1x compared to 1Q26. The result evidences the Company’s consistent execution of its deleveraging strategy, with a reduction of 0.7x over the last 12 months. QUARTERLY
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6/44 Earnings Release 2Q26 In the quarter, as disclosed in a Material Fact notice, the Company approved the creation of a Share Repurchase Program of up to 31,250,000 Units, further strengthening its commitment to shareholder value creation through the efficient management of its capital structure. The initiative also reflects Management’s confidence in the Company’s fundamentals and in its ability to continue delivering con sistent results throughout the cycle. On the sustainability front, Klabin completed the structuring of its processes to comply with the European Union Deforestation -Free Products Regulation (EUDR), leveraging end -to-end traceability technology, from the product to its exact origin and rural registry. In doing so, the Company reinforces its best practices in forest stewardship, legal compliance, and transparency with customers and investors. Supported by an integrated, diversified, and flexible business model, the Company continues to move forward with a focus on efficiency, financial strength, and a forward-looking vision, prepared to consistently create value for its stakeholders even amid volatile macroeconomic conditions.
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7/44 Earnings Release 2Q26 Operational Performance Scheduled Maintenance Stoppages In the second quarter of 2026, as scheduled, there was no maintenance stoppage. Below is the schedule of maintenance stoppages planned for 2026, a year in which there will be no maintenance stoppage at the Ortigueira and Correia Pinto units. Manufacturing Plant Monte Alegre (PR) MA Otacílio Costa (SC) OC Legend: Executed To be Executed Maintenance Stoppage Schedule 2026 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
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8/44 Earnings Release 2Q26 Net Production The total net production volume of pulp and paper was 1, 120 thousand metric tons in 2Q26, an increase of 14 thousand metric tons compared to 2Q25. Pulp production in the quarter was 395 thousand metric tons, a decrease of 11 thousand metric tons compared with 2Q25, explained by the higher production pace observed in the previous period. Paper production, in turn, totaled 725 thousand metric tons in the quarter, an increase of 24 thousand metric tons on the prior -year period, driven by the ramp -up of paper machines PM27 and PM28, which recorded a 12% production growth year over year. Given prevailing market conditions and leveraging its operational flexibility, the Company decided to idle its recycled paper machines throughout 2025, tactically adjusting production to demand, strategically allocating volumes, and prioritizing operational profitability. The PM17 recycling paper machine (Goiana) has been idled since October 2025. ∆ ∆ ∆ ∆ ∆ 2Q26/1Q26 2Q26/2Q25 2Q26/2Q25 6M26/6M25 6M26/6M25 Pulp 395 409 405 -4% -3% (11) 804 771 4% 33 Short Fiber 280 290 286 -3% -2% (6) 569 539 6% 30 Long Fiber/Fluff 115 120 119 -4% -4% (4) 235 232 1% 3 Paper 725 638 701 14% 3% 24 1,363 1,379 -1% (16) Coated Boards 247 186 239 33% 3% 8 433 459 -6% (26) Coated Boards 190 141 193 35% -2% (3) 331 369 -10% (38) PM28 57 45 46 27% 24% 11 102 90 13% 12 Containerboard¹ 479 452 463 6% 3% 16 931 920 1% 11 Kraftliner 252 232 237 8% 6% 15 484 473 2% 10 PM27 115 112 103 3% 12% 12 227 214 6% 13 PM28 54 53 54 2% 1% 1 107 110 -2% (3) Recycled 57 55 69 4% -17% (12) 112 123 -9% (11) Total Production Volume 1,120 1,047 1,107 7% 1% 14 2,168 2,150 1% 18 PM27 and 28 227 210 203 8% 12% 24 437 414 5% 23 PM27 115 112 103 3% 12% 12 227 214 6% 13 PM28 111 98 100 14% 12% 12 209 200 5% 9 ¹ Includes Kraftliner, White Top Liner, Recycled, Eukaliner®, Eukaliner® White and other containerboard grades Volume (k tons) 6M26 6M252Q26 1Q26 2Q25
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9/44 Earnings Release 2Q26 Business Performance Sales Volume In 2Q26, total sales volume (ex-wood) was 1,018 thousand metric tons, in line with the 1,011 thousand metric tons sold in 2Q25, reflecting the operational stability of the business. Details for each of the business segments are presented below. ∆ ∆ ∆ ∆ ∆ 2Q26/1Q26 2Q26/2Q25 2Q26/2Q25 6M26/6M25 6M26/6M25 Pulp 386 401 395 -4% -2% (9) 787 740 6% 47 Short Fiber 264 290 279 -9% -5% (15) 554 517 7% 38 Long Fiber/Fluff 121 111 116 9% 5% 6 232 223 4% 9 Paper 359 356 345 1% 4% 14 716 656 9% 60 Coated Boards 214 195 200 10% 7% 14 409 387 6% 22 Containerboard¹ 145 162 145 -10% 0% 0 307 269 14% 38 Packaging 273 258 272 6% 0% 1 531 522 2% 9 Corrugated Boxes 239 226 236 6% 1% 3 464 452 3% 13 Industrial Bags 34 33 36 4% -5% (2) 67 70 -4% (3) Other - - (1) n/a n/a 1 - (0) n/a 0 Total Sales Volume (ex-wood)² 1,018 1,016 1,011 0% 1% 7 2,033 1,917 6% 117 ² Includes by-product sales 6M26 6M251Q26 2Q252Q26 ¹ Includes Kraftliner, White Top Liner, Recycled, Eukaliner®, Eukaliner® White and other containerboard grades Volume (metric tons) 38% 27% 35% Pulp Packaging Paper Sales Volume¹ (k tons) Sales Volume by Product¹ 2Q26 ¹Excludes Wood and others ²Includes Kraftliner, White Top Liner, Recycled, Eukaliner®, Eukaliner® White and other containerboard grades 51% 49% 2Q25 54% 46% 2Q26 1,011 1,018 +1% Domestic Market Foreign Market
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10/44 Earnings Release 2Q26 Forestry The wood sales volume came to 987 thousand metric tons in 2Q26, an increase of 82% from the same period last year, reflecting the weaker comparison base of 2Q25, when demand was affected by export tariffs imposed in the period. Net revenue from the forestry segment totaled R$ 145 million in the quarter, a 76% increase from 2Q25, in line with the higher wood volume sold during the period. In 2Q26, the Company sold 701 productive hectares for a total amount of R$ 78 million. This transaction follows the established plan for monetizing surplus forestry assets, as disclosed to the market in a presentation in December 2023. The selling price per productive hectare was R$ 111,000/ha, with a historical cost of R$ 20,000/ha, resulting in EBITDA of R$ 91,000/ha, which amounts to R$ 64 million for the period. Pulp In 2Q26, pulp sales volume totaled 386 thousand metric tons, practically in line with the same period last year. Net revenue amounted to R$ 1.4 billion in the quarter, down 9% from 2Q25, mainly reflecting the impact of a stronger Brazilian real against the U.S. dollar during the period, despite the recovery of short fiber pulp prices in USD. The segment's EBITDA totaled R$ 704 million, as against R$ 864 million in 2Q25, chiefly impacted by the exchange rate effect and higher production costs. As the only company in Latin America to produce and market the three main types of pulp —short fiber, long fiber, and fluff, Klabin maintains a differentiated strategic position. Such a diversified portfolio, combined with disciplined management of volume allocation across higher-margin products, regions and markets, increases the Company’s ability to capture value through the optimization of its sales mix and contributes to improve margin resilience throughout the industry cycles. ∆ ∆ ∆ 2Q26/1Q26 2Q26/2Q25 6M26/6M25 Wood 987 889 542 11% 82% 1,876 1,786 5% Revenue (R$ million) Wood 145 173 83 -16% 76% 318 309 3% 6M26 6M252Q26Volume (k tons) 1Q26 2Q25 ∆ ∆ ∆ 2Q26/1Q26 2Q26/2Q25 6M26/6M25 Short Fiber DM 73 71 66 3% 11% 143 129 11% Short Fiber EM 191 220 213 -13% -10% 411 388 6% Short Fiber 264 290 279 -9% -5% 554 517 7% Long Fiber/Fluff DM 54 49 42 10% 27% 103 83 24% Long Fiber/Fluff EM 67 62 73 9% -8% 129 140 -8% Long Fiber/Fluff 121 111 116 9% 5% 232 223 4% Total Pulp 386 401 395 -4% -2% 787 740 6% Revenue (R$ million) Short Fiber 861 887 924 -3% -7% 1,748 1,705 3% Long Fiber/Fluff 585 522 663 12% -12% 1,107 1,260 -12% Total Pulp 1,446 1,409 1,587 3% -9% 2,855 2,964 -4% Net Price (R$/ton) Short Fiber 3,257 3,058 3,313 7% -2% 3,153 3,301 -4% Long Fiber/Fluff 4,820 4,710 5,722 2% -16% 4,767 5,645 -16% Total Pulp 3,749 3,515 4,020 7% -7% 3,629 4,008 -9% Net Price (US$/ton) Short Fiber 645 581 585 11% 10% 612 584 5% Long Fiber/Fluff 954 896 1,010 7% -5% 925 997 -7% Total Pulp 742 668 710 11% 5% 704 707 0% DM: Domestic Market EM: Export Market 6M26 6M252Q25Volume (k tons) 2Q26 1Q26
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11/44 Earnings Release 2Q26 Short Fiber Supply and demand conditions in the short fiber pulp market remained balanced throughout the quarter. Globally, inventory levels declined at the main international ports, pointing to a more favorable scenario for consumption and imports. According to the FOEX index, short fiber pulp prices increased 4% in China and 13% in Europe and in the Brazilian market compared with 1Q26. In relation to 2Q25, prices increased 9% in China and 16% in Europe and in the Brazilian market. In this context, net revenue from short fiber reached R$ 861 million, representing a 7% year -over-year reduction. This performance mainly reflected the appreciation of the Brazilian real against the U.S. dollar and the rebuilding of inventories, in line with the Company’s commercial strategy to allocate volumes to higher value -added markets and clients, particularly mature markets. In contrast, the recovery in international prices, combined with the Company’s commercial strategy based on the optimization of its sales mix and selective allocation of volumes , helped mitigate part of th ese impacts and support the segment’s profitability. Long Fiber and Fluff In the fluff segment, the largest within this category, the price recovery observed in 2026 continued throughout the quarter, supported by more favorable market fundamentals and consistent demand from the personal hygiene, child care and adult care segments . As a result , average prices increased 10% compared with 1Q26, according to RISI's Table 5 index. During 2Q26, the Company increased its net price in USD by 7% compared to 1Q26, reflecting the continued recovery in international prices. Klabin continues to benefit from its well-established position in the fluff market, supported by a diversified base of long -term customers and established commercial relationships. This, combined with its commercial strategy and active management of the sales mix across products, regions, and markets, has contributed to greater stability in sales, value capture, and margin optimization. As a result, long fiber and fluff accounted for 31% of the total pulp volume sold and for 40% of the segment’s net revenue in the quarter, underscoring the relevance of these fibers to the Company’s profitability, thanks to their spread, which is structurally higher than that of short fiber. The combination of a diversified portfolio and active management of the sales mix enables the Company to capture opportunities across different products, regions, and markets throughout industry cycles, improving the resilience of its results. Net revenue from long fiber and fluff totaled R$ 585 million in the quarter. In the year-over-year comparison, the performance mainly reflected the Brazilian real appreciation against the U.S. dollar and average prices still below those observed in 2Q25.
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12/44 Earnings Release 2Q26 Paper In 2Q26, paper sales amounted to 359 thousand metric tons, 4% higher than in 2Q25, mainly driven by the increase in coated board sales volume and stable prices in the domestic market and in the international market (in USD). Net revenue totaled R$ 1.7 billion in the quarter, in line with 2Q25. Despite the higher volume sold during the period, revenue performance was adversely impacted by a stronger Brazilian real against the U.S. dollar. For the paper segment, active portfolio management continues to be a competitive advantage. With operational flexibility, the Company continues its strategy of dynamically allocating its production capacity, prioritizing markets and channels with higher profitability during the period. Coated Board The coated board segment recorded a 7% growth in sales volume in 2Q26 compared to 2Q25, primarily driven by sales in the domestic market, which increased by 9%, supported by consistent growth in demand, progress in the qualification process for new customers, and improved performance in segments relevant to the business, such as milk, beer and supermarkets. In the export market, in turn, sales volume remained stable year over year. Net revenue was R$ 1.2 billion in 2Q26, up 5% from 2Q25, driven by higher sales volumes and stable prices in the domestic market and in the export market (in USD). This performance was partially offset by the depreciation of the U.S. dollar. Containerboard The containerboard segment ended 2Q26 with sales volume of 145 thousand metric tons, in line with that recorded in 2Q25. This performance reflects the integration of the Company’s portfolio, which directed a larger volume of kraftliner production to the packaging segment. In addition, volume was also impacted by the greater sh are of coated board in PM28’s production mix. These decisions are driven by Klabin’s ongoing effort to enhance the profitability of its sales mix, which guides the Company’s operational decisions. Net revenue from containerboard came to R$ 531 million in 2Q26, a 10% decline in relation to 2Q25, primarily impacted by the appreciation of the Brazilian real against the U.S. dollar. ∆ ∆ ∆ 2Q26/1Q26 2Q26/2Q25 6M26/6M25 Coated Boards DM 133 123 122 8% 9% 256 229 12% Coated Boards EM 81 71 78 14% 5% 153 158 -3% Coated Boards 214 195 200 10% 7% 409 387 6% Containerboard DM 29 24 24 21% 22% 53 50 6% Containerboard EM 116 138 121 -16% -4% 254 219 16% Containerboard¹ 145 162 145 -10% 0% 307 269 14% Paper 359 356 345 1% 4% 716 656 9% Revenue (R$ million) Coated Boards 1,183 1,102 1,124 7% 5% 2,285 2,177 5% Containerboard¹ 531 588 591 -10% -10% 1,118 1,109 1% Paper 1,714 1,689 1,715 1% 0% 3,403 3,286 4% Net Price (R$/ton) Coated Boards 5,525 5,657 5,619 -2% -2% 5,588 5,622 -1% Containerboard¹ 3,659 3,632 4,083 1% -10% 3,645 4,130 -12% Paper 4,772 4,738 4,974 1% -4% 4,755 5,011 -5% DM: Domestic Market EM: Export Market ¹ Includes Kraftliner, White Top Liner, Recycled, Eukaliner®, Eukaliner® White and Other containerboard grades 6M26 6M25Volume (k tons) 2Q26 1Q26 2Q25
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13/44 Earnings Release 2Q26 Packaging In 2Q26, packaging sales volume was 273 thousand metric tons, in line with the same period last year. Net revenue totaled R$ 1.9 billion for the quarter, up 3% from 2Q25, driven by the strong performance of the corrugated box segment. Corrugated Boxes According to data released by Empapel, year to date, volumes measured by Empapel in m² increased 3% in relation to 2025, with Klabin posting a 2% growth over the same period. In 2Q26, according to Empapel, the volume of corrugated box shipments, measured in m², grew by 4% compared to 2Q25. In the same period, Klabin recorded stable volumes, reflecting the strong comparison base of 2Q25, marked by the Company’s strong performance and improved service level , with relevant market share gain in 2025 . In addition, the quarter also reflected crop timing imbalances, including delayed consumption of boxes by the tobacco and southern fruit markets, which typically make a meaningful contribution to the period’s performance, but which should normalize during the year, not changing the segment’s performance dynamics. Net revenue from corrugated boxes in 2Q26 was R$ 1.6 billion, an increase of 5% compared to 2Q25, driven by price increases. Note that, in the first half of the year, the segment's net revenue grew by 7% in relation to the prior-year period, driven by a 4% price increase during the period. Industrial Bags According to data from SNIC, cement dispatches in Brazil —an important indicator for industrial bag sales—grew by 3% in 2Q26 compared to 2Q25, considering the volume in metric tons during business days. The tariff measures adopted by various countries continued to affect key export markets for Klabin’s industrial bags during the quarter. The Company directed part of the volumes to the domestic market, expanding its customer base and, therefore, increased its share in the construction segment. As a result, sales volume for industrial bags declined 5% in the quarter. In the domestic market, the Company’s sales volume decreased 4%, reflecting the density mix (a 4% increase in 1,000 -bag units), while exports declined 7% (a 14% decrease in 1,000 bag units). ∆ ∆ ∆ 2Q26/1Q26 2Q26/2Q25 6M26/6M25 Corrugated Boxes 239 226 236 6% 1% 464 452 3% Industrial Bags 34 33 36 4% -5% 67 70 -4% Packaging 273 258 272 6% 0% 531 522 2% Revenue (R$ million) Corrugated Boxes 1,586 1,486 1,514 7% 5% 3,073 2,872 7% Industrial Bags 328 307 346 7% -5% 636 681 -7% Packaging 1,915 1,794 1,860 7% 3% 3,709 3,553 4% Net Price (R$/ton) Corrugated Boxes 6,647 6,590 6,423 1% 3% 6,619 6,357 4% Industrial Bags 9,616 9,411 9,644 2% 0% 9,516 9,742 -2% Packaging 7,018 6,947 6,849 1% 2% 6,983 6,811 3% Volume (millions m²) Corrugated Boxes 428 408 430 5% 0% 836 823 2% Volume (in millions of units) Industrial Bags 255 240 259 6% -7% 496 507 -2% DM: Domestic Market EM: Export Market 2Q251Q26Volume (k tons) 2Q26 6M26 6M25
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14/44 Earnings Release 2Q26 Net revenue from the business totaled R$ 328 million, in 2Q26, a 5% decline year over year . The result was impacted by the sales mix, a reduction in exported volumes and the effect of the Brazilian real appreciation against the U.S. dollar over the period.
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15/44 Earnings Release 2Q26 Economic and Financial Performance Net Revenue Consolidated net revenue totaled R$ 5.2 billion in 2Q26, a 2% decline compared to 2Q25, mainly reflecting the higher pulp prices in USD and packaging prices, combined with growth in paper and packaging volumes. These factors were partially offset by a stronger Brazilian real against the U.S. dollar during the period. ∆ ∆ ∆ 2Q26/1Q26 2Q26/2Q25 6M26/6M25 Wood 145 173 83 -16% 76% 318 309 3% Pulp 1,446 1,409 1,587 3% -9% 2,855 2,964 -4% Short Fiber 861 887 924 -3% -7% 1,748 1,705 3% Long Fiber/Fluff 585 522 663 12% -12% 1,107 1,260 -12% Paper 1,714 1,689 1,715 1% 0% 3,403 3,286 4% Coated Boards 1,183 1,102 1,124 7% 5% 2,285 2,177 5% Containerboard¹ 531 588 591 -10% -10% 1,118 1,109 1% Packaging 1,915 1,794 1,860 7% 3% 3,709 3,553 4% Corrugated Boxes 1,586 1,486 1,514 7% 5% 3,073 2,872 7% Industrial Bags 328 307 346 7% -5% 636 681 -7% Other² (69) (119) 2 42% n/a (188) (6) n/a Total Net Revenue 5,151 4,946 5,247 4% -2% 10,097 10,106 0% Net Revenue (R$ million) 2Q26 1Q26 2Q25 6M26 6M25 ² Includes by-product sales and hedge accounting ¹ Includes Kraftliner, White Top Liner, Recycled, Eukaliner®, Eukaliner® White and other containerboard grades 28% 38% 34% Pulp Packaging Paper² Net Revenue (R$ million) Net Revenue by Product¹ 2Q26 ¹Excludes Wood and others ²Includes Kraftliner, White Top Liner, Recycled, Eukaliner®, Eukaliner® White and other containerboard grades 61% 39% 2Q25 67% 33% 2Q26 5,247 5,151 -2% Foreign MarketDomestic Market
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16/44 Earnings Release 2Q26 Total Cash Cost ∆ ∆ ∆ 2Q26/1Q26 2Q26/2Q25 6M26/6M25 Cost of Goods Sold (COGS) (2,578) (2,717) (2,372) -5% 9% (5,295) (4,707) 12% Variable Costs (1,718) (1,736) (1,575) -1% 9% (3,454) (3,050) 13% Labor and Third Parties (649) (638) (613) 2% 6% (1,288) (1,224) 5% Maintenance (211) (344) (201) -39% 5% (554) (376) 48% Other (0) 1 17 n/a n/a 1 (57) n/a Sales Expenses (482) (439) (504) 10% -4% (921) (876) 5% Sales Expenses/Net Revenue (%) 9.4% 8.9% 9.6% + 0.5 p.p. - 0.3 p.p. 9.1% 8.7% + 0.5 p.p. General and Administrative Expenses (274) (282) (254) -3% 8% (557) (532) 5% Other Net Expenses 74 44 (82) -66% n/a 118 (118) n/a Total Cash Cost (3,261) (3,394) (3,211) -4% 2% (6,655) (6,233) 7% Cash Cost/t (excluding MS¹ effects) (3,204) (3,195) (3,148) 0% 2% (3,207) (3,238) -1% Cash Cost/t (including MS¹ effects) (3,204) (3,342) (3,178) -4% 1% (3,280) (3,252) 1% ¹ General maintenance shutdown costs (MS): (i) direct cost; (ii) idleness cost; and (iii) restart input cost 6M25Costs and Expenses (R$ million) 2Q26 1Q26 2Q25 6M26 474 432 269 278 499 835 778 251 954 981 737 744 916 909 702 -72 2Q26 -44 1Q26 82 2Q25 Fixed Cost Variable Cost Fibers General and Administrative Expenses Sales Expenses Other Net Income/Expenses 3,204 3,342 3,178 -4% 1% COGS 22% 7% 14% 15% 33% 5% 4% COGS 2Q26 (R$2,533/t) Labor and Services Maintenance Other Variables Fuel Oil Chemicals Energy Fibers 22% 12% 13%15% 29% 4% 4% COGS 1Q26 (R$2,675/t) 22% 8% 15% 16% 31% 4% 4% COGS 2Q25 (R$2,347/t)
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17/44 Earnings Release 2Q26 Total cash cost per metric ton was R$ 3,204/t in 2Q26, in line with 2Q25, given the variations presented below. Cost of goods sold (COGS) was R$ 2,578 million, on a unit basis of R$ 2,533/t, representing an increase of 8% or R$ 186/t vs. 2Q25, mainly explained by: (i) Fixed cost: increase of 6% or R$ 42/t, explained by higher maintenance and personnel expenses, mainly caused by inflation. This effect was partially offset by a dilution caused by the higher production volume; (ii) Variable cost: increase of 5% or R$ 46/t, mainly due to pressure on input prices amid the ongoing geopolitical conflicts during the period, namely: (i) R$ 20/t related to the increase in chemicals, mainly aluminum sulfate and sulfur; and (ii) R$ 16/t in fuels, particularly heavy fuel oil. These effects were partially offset by various cost reduction initiatives captured throughout the quarter, including renegotiation with suppliers and actions to improve specific consumption at our mills; and (iii) Fibers: increase of 13% or R$ 98/t. This variation was mainly driven by: a. Increase in logistics and operating costs due to a longer average hauling distance and changes in harvesting systems in line with the wood supply plan. These effects were partially offset by lower specific wood consumption at the mills, resulting in a total impact of R$ 46/t in the quarter; b. Safety stock build-up strategy and road preparation measures to mitigate potential El Niño-related impacts in the second half of the year (R$ 39/t); and c. Increase in forestry logistics costs driven by higher diesel prices, reflecting input cost pressures resulting from the geopolitical conflicts ongoing during the period (R$ 13/t). General and administrative expenses totaled R$ 269/t, an increase of 8% or R$ 18/t compared with 2Q25, mainly due to the concentration of IT services expenses, as a result of scheduling effects from 1Q26. In addition, personnel expenses were impacted by the indemnities recognized in the quarter, including those related to a member of the Statutory Executive Board, as disclosed in the Notice to the Market released on July 7, 2026. Selling expenses totaled R$ 474/t, a decline of 5% or R$ 25/t compared to 2Q25 , mainly reflecting the lower logistics costs with containers after renegotiation of the freight contract completed during 1Q26, with benefits being captured as from April 2026 . In addition, the lower international freight costs, thanks to a stronger Brazilian real against the U.S. dollar and lower exports , contributed positively to the quarter’s performance. These factors more than offset pressures stemming from ongoing geopolitical conflicts , which increased freight costs due to higher bunker tariffs, as well as higher storage expenses recorded during the period. The balance of other net income/expenses in 2Q26 was positive by R$ 72/t, driven by the proceeds from the sale of land during the period (R$ 63/t), in line with the strategy of monetizing forestry assets, as mentioned in the Forestry segment item. In a quarter marked by the escalation of geopolitical conflicts and their effects on global markets, Klabin faced pressure on the costs of inputs, especially chemicals and fuels, which increased R$ 84 million in relation to 1Q26, of which R$ 68 million pertained to variable costs and R$ 17 million to domestic and international freight. To address these pressures, the Company acted on multiple fronts to mitigate the
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18/44 Earnings Release 2Q26 impact, focusing on efficiency gains and variable cost discipline, which resulted in a R$ 16 million reduction in costs on the same comparison basis. Therefore, the Company reaffirms its formal guidance for total cash cost per metric ton, including maintenance stoppages, as disclosed in a Material Fact notice on December 9, 2025, as detailed below. Total cash cost per ton, including scheduled maintenance shutdowns. 3.2 - 3.3 R$ thousand/ton 2026
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19/44 Earnings Release 2Q26 Cash cost of pulp production For information purposes, the Company discloses its unit cash cost of pulp production, which includes the production costs of short fiber, long fiber and fluff in relation to the saleable pulp production volume during the period. The cash cost of productio n does not include selling, general and administrative expenses, consisting exclusively of the amount spent on the production of pulp. In 2Q26, the cash cost of pulp production was R$ 1,397 per metric ton, up 8% from 2Q25 (+R$ 106/t). During the period, the higher input costs reflect price pressure amid ongoing geopolitical conflicts, particularly: (i) Fuel: increase of R$ 52/t, mainly due to a 35% increase in the unit price of BPF oil, used in our operations. (ii) Chemicals: reduction of R$ 13/t, due to operational initiatives that led to a decrease in sodium hydroxide consumption. The increase in sulfur and aluminum sulfate prices, reflecting geopolitical conflicts, was offset by a reduction in the prices of chlorate and sodium hydroxide, given the strong comparison base in 2Q25, due to higher prices during the period. (iii) Fibers: increase of R$ 139/t in fiber costs, primarily driven by: a. Safety stock build-up strategy and road preparation measures to mitigate potential El Niño- related impacts in the second half of the year (R$ 64/t); b. Increase in logistics and operating costs due to a longer average hauling distance and changes in harvesting systems in line with the wood supply plan. These effects were partially offset by lower specific wood consumption at the mills, resulting in a total impact of R$ 56 /t in the quarter; and c. Increase in forestry logistics costs driven by higher diesel prices, reflecting input cost pressures resulting from the geopolitical conflicts ongoing during the period (R$ 20/t). (iv) Energy: increase in revenue from energy sales by R$ 151/t, due to a higher spot energy price (PLD) during the period. 853 845 714 227 243 239 186 127 134 65 65 68 217 200 220 -151 -153 -84 2Q26 1Q26 2Q25 Fixed Cost (Labor/Services/Materials) Other Variables Fuel Oil Chemicals Wood Energy R$ 1,397/t R$ 1,326/t R$ 1,291/t -5% 8% US$ 252/t US$ 227/t US$ 276/t
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20/44 Earnings Release 2Q26 Adjusted EBITDA Adjusted EBITDA totaled R$ 2.0 billion in 2Q26, down 4% from 2Q25, mainly explained by: (i) the negative impact of the Brazilian real appreciation against the U.S. dollar; and (ii) impacts on COGS mentioned in this report. These effects were partially offset by: (i) an increase in pulp prices in USD and packaging prices, combined with higher paper and packaging volumes; and (ii) initiatives to monetize forestry assets, impacting the “Other, net” line item. Adjusted EBITDA Evolution R$ million 226 200 2Q25 170 Price/Mix 22 Volume Foreign Exchange Variation COGS 156 SG&A and Other Net Expenses 2Q26 2,040 1,962 -78 (-4%) Average US$ 5.67 5.05 Average US$ Pulp Paper Packaging Pulp Paper Packaging ∆ ∆ ∆ 2Q26/1Q26 2Q26/2Q25 6M26/6M25 Net Income (loss) 387 (497) 585 n/a -34% (110) 1,032 n/a (+) Income Taxes and Social Contribution 127 (262) 135 n/a -6% (136) 457 n/a (+) Net Financial Results 523 570 566 -8% -8% 1,092 724 51% (+) Depreciation, Exhaustion and Amortization 1,159 1,162 1,127 0% 3% 2,321 2,426 -4% Adjustments According to CVM Resolution 156/22 art. 4º (+) Variation of Fair Value of Biological Assets (305) 581 (377) n/a 19% 276 (765) n/a (+) Cash Flow Hedge Accounting Effect 72 117 5 -38% n/a 189 27 n/a (+) Equity Income (0) (2) (1) 79% 21% (2) (1) n/a Adjusted EBITDA 1,962 1,669 2,041 18% -4% 3,631 3,900 -7% Adjusted EBITDA Margin 38% 34% 39% + 4 p.p. - 1 p.p. 36% 39% - 3 p.p. Cash Generation (Adjusted EBITDA - Maintenance Capex) 1,330 856 1,494 55% -11% 2,186 2,810 -22% Cash Generation/t¹ (R$/t) 1,306 843 1,478 55% -12% 1,075 1,466 -27% 6M26 6M25R$ million 2Q26 1Q26 2Q25 1 Sales volume excludes wood
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21/44 Earnings Release 2Q26 Accordingly, cash generation per metric ton, measured by Adjusted EBITDA net of maintenance CAPEX in relation to the volume sold, was R$ 1,306/t in 2Q26, down 12% from 2Q25. This reduction is explained by the decline in operating result, as previously described, and by higher forestry CAPEX, due to the increase in planting volume. Adjusted EBITDA Evolution R$ million 201 170 1Q26 Price/Mix 4 Volume 76 Foreign Exchange Variation COGS 5 SG&A and Other Net Expenses 2Q26 1,668 1,962 +294 (+18%) Average US$ 5.26 5.05 Average US$ Pulp Paper Packaging Pulp Paper Packaging
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22/44 Earnings Release 2Q26 Effect from Variations in Biological Assets The evaluation of the biological assets at their fair value considers certain estimates, such as: price of wood, discount rate, forest harvest plan and productivity, whose variations generate non -cash effects on the Company's results. The balance of biological assets ended 2Q26 at R$ 12.9 billion, stable in relation to the final balance of 1Q26, reflecting: (i) Increase of R$ 433 million related to operations involving planting and the purchase of standing forest; (ii) Reduction of R$ 678 million in Depletion of the forestry base, due to the volume harvested and timber sales volume in the period; and (iii) Increase of R$ 305 million in the fair value variation, with R$177 million pertaining to the growth line, thanks to productivity gains and forest stewardship carried out during the period, and R$ 128 million from the positive price variation during the period. Therefore, the non-cash effect of the fair value of biological assets on the operating result (EBIT) in the period was positive by R$ 139 million. Klabin continues to make consistent progress in its forest research and development agenda , as well as in management practices related to new species, reinforcing the competitiveness and resilience of its forest base. ∆ ∆ ∆ 2Q26/1Q26 2Q26/2Q25 6M26/6M25 Opening Balance 12,839 13,242 12,711 -3% 1% 13,242 12,887 3% Planting and Purchase of Standing Forest 433 870 243 -50% 79% 1,304 553 n/a Exhaustion (678) (723) (454) 6% -49% (1,400) (1,329) -5% Historical Cost (512) (508) (272) -1% -88% (1,020) (649) -57% Fair Value Adjustment (166) (214) (182) 23% 9% (380) (680) 44% Fair Value Variation 305 (550) 377 n/a -19% (246) 765 n/a Price 128 (7) 265 n/a -52% 122 249 -51% Growth² 177 (544) 111 n/a 59% (367) 515 n/a Final Balance 12,900 12,839 12,876 0% 0% 12,900 12,876 0% ² In addition to the effect of the forest's growth due to the proximity of its felling, this corresponds to the adjustments arising from the assumptions that affect the fair value of the biological asset, such as revision of the harvest plan, productivity table, change in discount rate, change in administrative costs, among others. 6M25Biological Assets¹ (R$ million) 2Q26 1Q26 2Q25 6M26 ¹ With the aim of enhancing the presentation of consolidated information on biological assets, the Company reclassified values between depletion and planting. In 2Q25, historical data was adjusted to ensure greater clarity and comparability.
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23/44 Earnings Release 2Q26 Financial Result Financial income totaled R$ 209 million in 2Q26, a reduction of R$ 33 million compared to 1Q26, mainly explained by the lower yield from investments, driven by a lower average cash balance and lower benchmark interest rate between the periods. Financial expenses totaled R$ 718 million in 2Q26, a decrease of R$ 79 million vs. 1Q26, mainly reflecting the appreciation of the Brazilian real against the U.S. dollar during the quarter, which had a favorable impact on foreign-currency liabilities, as well as the decline in the average CDI rate observed in the period, w hich also contributed to reducing financial charges on local -currency contracts indexed to floating rates. In addition, the positive result from the settlement of cash flow foreign exchange hedge instruments also reduced financial expenses in the period. The foreign exchange variation resulted in a negative effect of R$ 14 million in 2Q26. For more detailed information, please access the quarterly information for the year (link). Net Income In 2Q26, Klabin reported net income of R$ 387 million vs. R$ 585 million in 2Q25. The variation mainly reflects: (i) Adjusted EBITDA: a decline during the period, as explained in detail within this document; (ii) Variation in the fair value of biological assets: a purely accounting effect, discussed in the corresponding section; (iii) Financial result: impacted by lower financial expenses in 2Q26 compared to 2Q25, mainly explained by the positive impact of the settlement of the swap linked to the early payment of debt in 2Q25; and (iv) Income tax and social contribution: impact of R$ 127 million, in line with 2Q25. ∆ ∆ ∆ 2Q26/1Q26 2Q26/2Q25 6M26/6M25 Financial Revenues 209 242 200 -13% 5% 452 364 24% Financial Expenses (718) (797) (822) -10% -13% (1,516) (1,281) 18% Foreign Exchange Variation (14) (14) 56 -2% n/a (28) 193 n/a Financial Result (523) (570) (566) -8% -8% (1,092) (724) 51% 6M26 6M25R$ million 2Q26 1Q26 2Q25
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24/44 Earnings Release 2Q26 Investments (CAPEX) In the first six months of 2026 (6M26), Klabin invested R$ 1,496 million in its operations, 19% above the amount reported in the same period of 2025. Of the total amount invested, R$ 553 million was allocated mostly to silviculture, representing a 30% increase compared with the same period in 2025, due to the higher planting volume. Additionally, R$ 487 million was allocated to support the continued operation of the mills. The amount spent on special projects (R$ 48 million) showed a 70% reduction in 6M26 compared to 6M25, mainly due to the higher spending on the Figueira Project in 2Q2 5, which increased the comparison base . Furthermore, in 6M26, the Company invested R$ 408 million in the modernization project for the recovery boiler at Monte Alegre. Finally, the Company has a formal guidance for future investments (CAPEX), disclosed in the Material Fact notice released on December 9, 2025, as detailed below. ∆ ∆ ∆ 2Q26/1Q26 2Q26/2Q25 6M26/6M25 Silviculture / Purchase of Standing Wood 266 287 207 -7% 28% 553 426 30% Operational Continuity 202 285 189 -29% 7% 487 438 11% Special Projects 23 24 101 -5% -77% 48 159 -70% Monte Alegre Modernization 165 242 152 -32% 9% 408 231 77% Total 657 839 649 -22% 1% 1,496 1,254 19% 6M25R$ million 2Q26 1Q26 2Q25 6M26 Silviculture / Purchase of Standing Wood 1.1 Operational Continuity 1.4 Special Projects 0.2 Monte Alegre Modernization 0.7 Total 3.3 Guidance 2026R$ billion
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25/44 Earnings Release 2Q26 Free Cash Flow Free Cash Flow ended 2Q26 with consumption of R$ 236 million, a decrease of R$ 370 million compared to 2Q25. Cash generation in the quarter was primarily impacted by: (i) CAPEX (R$ 657 million): investments are broken down in the respective section; (ii) Interest paid/received (R$ 641 million): reflecting the seasonal effect of semiannual interest payments in the second and third quarters, related to the bonds maturing in 2029 and 2049; and (iii) Working capital variation (R$ 358 million): (i ) buildup of kraftliner inventories as part of the preparation for the scheduled maintenance stoppage at Otacílio Costa (3Q26); and (ii) strategy to build safety wood inventories to mitigate potential impacts of El Niño in the second half of the year. In addition, the quarter's Free Cash Flow was also affected by the payment of dividends of R$ 142 million, pertaining to the compensation of investors in Special Purpose Vehicles (SPVs) and Silent Partnerships (SCPs). In 2Q26, the Company once again benefited from the lower income tax and social contribution disbursements which, among other factors, reflect the favorable impact of the pre-payments made, in line with the Company’s liability management strategy, which reduced taxable income due to the calculation of the foreign exchange variation of debts. Excluding discretionary factors and expansion projects, Adjusted Free Cash Flow amounted to R$ 704 million over the last 12 months to 2Q26, equivalent to a Free Cash Flow Yield of 3.1% ( -9.5 p.p. compared to LTM to 2Q25). The variation is primarily explained by the seasonal working capital impacts over the LTM to 2Q25. LTM LTM 2Q26 2Q25 Adjusted EBITDA 1.962 1.669 2.041 7.579 7.529 (-) Capex (657) (839) (649) (3.074) (9.186) (-) Lease contracts - IFRS 16 (86) (74) (96) (317) (370) (-) Interest Paid/Received (641) (422) (652) (1.943) (2.081) (-) Income Tax (50) (59) (39) (249) (408) (+/-) Working Capital Variation (358) (433) (124) (1.284) 908 (-) Dividends & IOC (278) (278) (279) (1.180) (1.426) (-) SPVs and SPCs¹ dividends (142) (6) (72) (226) (225) (+/-) Others 13 38 4 108 26 Free Cash Flow (236) (404) 133 (586) (5.233) Dividends & IOC 278 278 279 1.180 1.426 Puma II Project - - - - 148 Special Projects and Growth 23 24 100 110 455 Caetê Project Payment - - - - 6.371 Adjusted Free Cash Flow² 65 (102) 513 704 3.166 Adjusted FCF Yield³ 3,1% 12,6% ³ Yield - Adjusted FCF per unit (excluding treasury stock) divided by the average price of the Units in the LTM (Last Twelve Months). R$ million 2Q26 1Q26 2Q25 ¹ SPVs (Special Purpose Vehicles) and SCPs (Silent Partnerships). ² Excluding dividends and special projects and growth. The LTM 2Q25 figure includes R$148 million related to the Puma II Project.
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26/44 Earnings Release 2Q26 Return on Invested Capital (ROIC) Klabin's consolidated return, measured by the Return on Invested Capital (ROIC) metric, was 9.0% in 2Q26, a decrease of 1.6 p.p. on 2Q25, mainly impacted by higher Maintenance CAPEX disbursement, higher average invested capital, and lower operating cash generation during the period. The highest CAPEX disbursement resulted from the investment schedule and the investments in the modernization of the Monte Alegre unit. Meanwhile, the average invested capital was influenced by the noteworthy inflow of funds recorded throughout 2025, associated with receipts related to the Plateau Project and the Real Estate SPVs. Finally, adjusted operating cash generation was adversely impacted by the factors mentioned above, which more than offset the growth in Adjusted EBITDA over the last 12 months and the lower cash outflow for tax payments during the period. Total Asset 62,932 62,097 59,047 (-) Total Liability (ex-debt) (12,528) (12,061) (10,655) (-) Construction in Progress (1,995) (1,854) (1,892) Invested Capital 48,410 48,181 46,500 (-) Accounting Adjustments² (3,145) (3,522) (3,579) Adjusted Invested Capital 45,264 44,659 42,922 Adjusted EBITDA 7,579 7,658 7,529 (-) Maintenance Capex3 (3,271) (3,197) (2,577) (-) Income Tax and Soc. Contr. (cash) (249) (237) (408) Adjusted Operating Cash Flow 4,059 4,224 4,544 ROIC4 9.0% 9.5% 10.6% 1 Average Balance of the last 4 quarters (Last Twelve Months) ROIC (R$ million) - LTM¹ 2Q26 1Q26 2Q25 2 The adjustments refer to the elimination of the following impacts: (i) CPC 29: fair value of biological assets less deferred tax on biological assets; (ii) CPC 06: right of use, right of use liabilities and lease liabilities and respective deferred IR/CS and (iii) CPC 27: cost attributed to property, plant and equipment (land). Adjustments (ii) and (iii) were applied from 4Q23 onwards in all periods presented 3 Excludes the effects of CPC 06, i.e. the amount relating to lease contracts (cash view) is added to maintenance capex 4 ROIC (last twelve months): Adjusted Operating Cash Flow / Adjusted Invested Capital
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27/44 Earnings Release 2Q26 Debt and Cash Position As of June 30, 2026, gross debt was R$ 34.1 billion, an increase of R$ 1.2 billion compared to 1Q26. This variation is mainly due to the raising of R$ 1.75 billion through the issuance of Rural Product Certificates (CPR-F), as announced in a Material Fact notice on April 29, 2026. This effect was partially offset by usual amortizations. The Company's average debt maturity term ended 2Q26 at 84 months (7 years), with 100 months for debts in local currency and 80 months for those in foreign currency. The average cost of Klabin's foreign currency debt, its main source of credit, ended 2Q26 at USD + 5.1% p.a., in line with 1Q26 and 0.3 p.p. below 2Q25, reflecting the liability management initiatives carried out during the period. Short Term Local Currency 300 1% 235 1% Foreign Currency 1,926 6% 2,105 6% Total Short Term 2,225 7% 2,340 7% Long Term Local Currency 5,428 16% 5,181 16% Foreign Currency 26,488 78% 25,405 77% Total Long Term 31,916 93% 30,586 93% Total Local Currency 5,727 17% 5,416 16% Total Foreign Currency 28,414 83% 27,510 84% Gross Debt 34,141 32,926 (-) Cash & Marketable Securities 10,109 8,885 Net Debt 24,032 24,041 Net Debt / EBITDA (LTM) - US$ 3.2 x 3.3 x Net Debt / EBITDA (LTM) - R$ 3.2 x 3.1 x 1 Gross Debt Composition, net of fees: i. Loans and Financing – Note 16 (Loans, Financing and Debentures) ii. (–) Derivative Financial Instruments – Assets – Note 25.3 (Financial instruments by category) iii. (+) Derivative Financial Instruments – Liabilities – Note 25.3 (Financial instruments by category) iv. (+/–) Hedge of net cash exposure (ZCC) – Note 26.1 (Future revenue hedge – highly probable transactions) v. (+/-) Call option transactions – Note 26 (Hedge accounting) Jun-26 Prop. % Mar-26 Prop. %Debt¹ (R$ million) Average Maturity / Cost of Debt¹ 2Q26 1Q26 2Q25 Local Currency Cost 12.1% p.y. 12.4% p.y. 11.8% p.y. Foreign Currency Cost 5.1% p.y. 5.1% p.y. 5.4% p.y. Average maturity 84 months 85 months 86 months ¹ Accounting cost
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28/44 Earnings Release 2Q26 Cash and cash equivalents & marketable securities (“cash”) totaled R$ 10.1 billion at the end of 2Q26. Compared with the previous quarter, cash balance increased by R$ 1.2 billion, mainly reflecting the proceeds from the CPR-F. However, the higher cash balance was partially offset by usual amortizations and Free Cash Flow consumption, as detailed in the breakdown below. The Net Debt/Adjusted EBITDA ratio measured in U.S. dollars, which better reflects Klabin’s financial leverage profile, ended 2Q26 at 3.2x, decreasing 0.1x compared to 1Q26 and 0.7x from 2Q25. Financial leverage in Brazilian reais, in turn, ended the period at 3.2x, increasing 0.1x vs. 1Q26 and decreasing 0.5x from 2Q25. 23% 77% SOFR Fixed USD 5% 94% IPCA CDI 2% Others Debt in Foreign Currency¹ R$ 28,414 million Debt in Local Currency¹ Total Cash & Marketable Securities R$ 5,727 million ¹Includes swaps and fair value mark-to-market of these instruments 75% 25% BRL USD 75% 25% BRL USD R$ 10.109 million Evolution of Cash and Cash Equivalents & Marketable Securities Balance 2Q26 R$ million Mar-25 236 Free Cash Flow 1,750 Funding 308 Amortization 28 Foreign Exchange Variations on Cash 10 Others Jun-26 8,885 8,885 1,224
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29/44 Earnings Release 2Q26 Hedge Accounting Klabin uses the cash flow and fair value hedge accounting method. This practice, in line with risk management and the Management’s strategy, aims to reflect in the income statement the economic effects of the hedge relationship between the hedged item and the hedging instrument, when the hedged item is realized. The Company designates financial instruments (derivatives based on indices and foreign currency, and loans and financing in foreign currency) as hedging instruments. These designations are segregated into four hedge accounting programs, namely: (i) cash flow hedge of future revenue in USD (highly probable transactions); (ii) cash flow hedge of interest rate; (iii) cash flow hedge of net exposure in USD; and (iv) fair value hedge of interest rate. The adoption of hedge accounting is exclusively accounting -related and does not impact the Company's cash generation and Adjusted EBITDA. For more information, please access the financial statements for the year (link).
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30/44 Earnings Release 2Q26 Derivative Financial Instruments Klabin holds derivative financial instruments exclusively for hedging purposes. On June 30, 2026, the Company had an outstanding notional amount of US$ 2.4 billion in foreign exchange derivative contracts and R$ 8.8 billion in interest rate derivative contracts, as shown in the tables below. The mark -to-market (fair value) of these operations (foreign exchange derivatives + interest rate derivatives) was positive by R$ 994 million at the end of the period and was recorded under the hedge accounting method. The table below shows the position of the derivative instruments: Foreign Exchange Financial Instrument: Interest Rate Financial Instrument: Debt Swaps (Interest Rate and Foreign Exchange) Klabin has derivative financial instruments (swaps) linked to its loans and financing with the aim of adjusting the exchange rate or interest rate indexes to the Company's cash generation indexes, thus mitigating the impacts generated by fluctuations in foreign exchange and interest rates. At the end of June 2026, the Company had an outstanding notional value of US$ 1.9 billion in foreign exchange derivative contracts (swaps) and R$ 8.8 billion in interest rate derivative contracts as per the tables below. Foreign Exchange Swaps 2Q26 1Q26 2Q26 1Q26 Cash flow (Zero Cost Collars) 504 503 275 253 Debt (Foreign Exchange Swaps) 1,879 1,628 414 394 Total 2,383 2,131 690 647 Debt Hedging Notional (US$ million) Fair Value (R$ million) 2Q26 1Q26 2Q26 1Q26 Debt (Interest Swaps) 8,836 8,947 304 267 Debt Hedging Notional (R$ million) Fair Value (R$ million) Jun/26 Mar/26 Jun/26 Mar/26 Debenture 114.65% CDI USD + 5.40% 03/20/2019 03/19/2029 USD 266 266 (321) (356) CRA IV IPCA + 4.51% USD + 3.82% 12/08/2022 03/15/2029 USD 189 189 158 131 CRA Continued IPCA + 3.50% USD + 2.45% 09/01/2022 06/15/2029 USD 230 230 169 155 CRA VI IPCA + 6.77% USD + 5.20% 07/15/2022 04/15/2034 USD 467 467 376 355 CCB Rural 100% CDI USD + 5.13% 04/04/2025 04/04/2030 USD 351 351 216 226 PPEs USD + 5.00% 93% CDI 19/12/2025 19/12/2028 USD 125 125 (101) (118) 2nd CPR-F Issuance IPCA + 6.8215% USD + 5.125% 04/28/2026 04/15/2036 USD 144 - (45) - 2nd CPR-F Issuance IPCA + 6.8662% USD + 5.32% 04/28/2026 04/15/2038 USD 107 - (38) - Total 1,879 1,628 414 394 Debt Hedging Original Interest Swap Interest Fair Value (R$ million)Closing Maturity Currency Notional Value (US$ million)
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31/44 Earnings Release 2Q26 Interest Rate Swaps Foreign Exchange Hedge As previously detailed, Klabin has a cash flow foreign exchange hedge policy. As of June 30, 2026, the outstanding value (notional value) of the Zero -Cost Collar (ZCC) operations related to Cash Flow was US$ 504 million, with maturities distributed between July 2026 and June 2028. The mark -to-market (fair value) of these operations amounted to a positive R$ 275 million at the end of the quarter. During 2Q26, Cash Flow Currency Hedge operations generated a positive result of R$ 62 million, as detailed in the table below: Zero Cost Collars (ZCC): Jun/26 Mar/26 Jun/26 Mar/26 BNDES IPCA + 3.58% 74.91% CDI 10/26/2023 11/16/2039 BRL 2,275 2,317 82 92 Debenture IPCA + 6.05% 99.48% CDI 08/15/2024 08/15/2039 BRL 1,424 1,519 (117) (62) CCB Rural Pre 14.26% 100% CDI 04/04/2025 04/04/2030 BRL 2,379 2,341 315 194 CPR IPCA + 7.16% 93,86% CDI 15/08/2025 08/15/2035 BRL 1,204 1,204 10 46 PPE SOFR+ 1.41% USD+ 4.98% 04/23/2025 04/23/2032 USD 1,553 1,566 15 (2) Total 8,836 8,947 304 267 Fair Value (R$ million)Debt Hedging Original Interest Swap Interest Closing Maturity Currency Notional Value (R$ million) Accomplished Exchange Closing 1Q26 Sensitivity to R$0.10/US$ variation2 2Q26 - - - 62 - - 3Q26 6.06 6.85 101 - 89 10 4Q26 6.41 7.22 62 - 76 6 1Q27 6.35 7.16 59 - 69 6 2Q27 6.23 7.03 35 - 37 4 3Q27 5.92 6.70 84 - 62 8 4Q27 5.92 6.72 61 - 45 6 1Q28 5.69 6.49 54 - 28 5 2Q28 5.62 6.41 49 - 22 5 Total 6.02 6.82 504 62 427 50 ² Shows the impact on cash for variations of R$ 0.10 below/above the average strike level of put/call, defined each quarter ¹ Exchange Rate Closing 2Q26: 5,1766 R$/US$ Cash Adjustment (R$ million) Term Put (Average) Call (Average) Notional Value (US$ millions)
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32/44 Earnings Release 2Q26 Capital Markets Variable Income Klabin's units, traded under the KLBN11 ticker (1 common share + 4 preferred shares), recorded a depreciation of 14.4% in 2Q26 and of 8.4% in the 12-month period ended June 30, 2026, ending the period at R$ 16.74/unit. These prices reflect the impact of the stock bonus approved at the Board of Directors meeting held on December 8, 2025 and implemented on December 22, 2025. The Ibovespa index declined 8.5% in 2Q26 and rose 23.9% over the last 12 months. Klabin 's units, traded in all B3 sessions, reached about 343 million transactions in 2Q26. In terms of financial volume, the average daily liquidity was R$ 98 million in the quarter and in the last 12 months. The maximum price reached throughout the quarter was R$ 19.55/unit on April 1, 2026, while the minimum price was R$ 16.10/unit on May 19, 2026. KLBN11 x Ibovespa 0% (8%) 24% Klabin IBOVESPA Jun/25 Aug/25Jul/25 Sep/25 May/26Apr/26Mar/26Feb/26Oct/25 Nov/25 Dec/25 Jan/26 Jun/26 99 81 77 96 97 90 123 100 139 89 107 98 88 0 50 100 150 200 250 300 Jun/25 Jul/25 Aug/25 Sep/25 Oct/25 Nov/25 Dec/25 Jan/26 Feb/26 Mar/26 Apr/26 May/26 Jun/26 Average Daily Trading Volume - KLBN11 (R$ Million)
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33/44 Earnings Release 2Q26 ¹Free Float considers the total number of shares excluding controlling shareholders and related parties, directors, executive officers and treasury shares. Share Buyback Program In June 2026, in accordance with a Material Fact notice released on the same date, the Company approved the creation of a share buyback program, aiming to generate value for shareholders through efficient capital structure management, in line with Management’s confidence in Klabin’s performance. The program contemplates the acquisition of up to 31,250,000 units over 18 months, with the buyback shares being subsequently cancelled. 14% 54% 32% Institutional Investors Local Institutional Investors Foreign Individual Investors 54% 49% Foreing Local Free Float¹ Distribution 06/30/2026 09/30/2023
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34/44 Earnings Release 2Q26 Fixed Income Currently, the Company has three (notes or bonds) issuances in the international market . Among these, one issuance of Green Bonds maturing in 2049, whose proceeds must be exclusively allocated to eligible green projects. There is also a conventional debt issuance, maturing in 2029. And finally, a Sustainability- Linked Bonds (SLB) maturing in 2031, with a coupon tied to sustainability performance indicators. For more details, visit the sustainable finance page of the Klabin ESG Panel. All coupons and maturities of the bonds are presented in the respective charts below. Yield – Notes Klabin 2029 LTM Income (%) 4,5 5,0 5,5 6,0 6,5 5.160 4,5 5,0 5,5 6,0 6,5 5.618 Yield – Notes Klabin 2031 LTM Income (%) Yield – Notes Klabin 2049 LTM Income (%) 6,0 6,2 6,4 6,6 6,8 7,0 7,2 6.781 jun/25 jun/26dec/25sep/25 mar/26jun/25 jun/26dec/25sep/25 mar/26 jun/25 jun/26dec/25sep/25 mar/26
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35/44 Earnings Release 2Q26 Rating Throughout the quarter, there were no changes to the ratings assigned to the Company by rating agencies. For more information, the updated reports are available on Klabin's Investor Relations website. The table below presents the risk ratings and outlooks from the rating agencies: Fitch Ratings AAA(bra) BB+ Positive march-26 Moody's AAA.br Ba1 Stable january-26 Standard & Poor's brAAA BB+ Stable june-26 Agency National Scale Global Scale Outlook Latest Update
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36/44 Earnings Release 2Q26 Shareholder Remuneration We present below the cash view of the dividends distributed by the Company in the last 12 months ended June 30, 2026. ¹Calculated based on dividends and interest on equity paid per unit and the daily average closing price of the unit during the period. In the second quarter of 2026, the Company distributed, on a cash view, dividends amounting to R$ 278 million, corresponding to a total amount of R$ 0.0455971722475 per share (common and preferred) and R$ 0.2279858612375 per unit. In the last 12 months ended June 30, 2026, the dividends paid totaled R$ 1.180 billion, equivalent to a dividend yield of 5.3%. The Company maintains a Dividend and Interest on Equity Policy, under which it sets a target payout ranging from 10% to 20% of Adjusted EBITDA. Click here to access the policy. On December 8, 2025, the Company approved the distribution of interim dividends totaling R$ 1.112 billion, based on the financial statements as of September 30, 2025. This amount corresponds to R$ 0.18238868899 per common or preferred share and R$ 0.91194344495 per unit. Dividends, declared in accordance with the Bylaws, will be considered for meeting the target established in the Dividend Policy and will be paid in four equal installments of R$ 278 million each, on February 27, 2026, May 20, 2026, August 19, 2026, and November 12, 2026, without interest or monetary restatement. Click here to access the document. 1,215 1,180 0.0% 6.0% 12.0% 18.0% 24.0% 30.0% 36.0% 42.0% 48.0% 54.0% 60.0% 66.0% 72.0% 78.0% 84.0% 90.0% 96.0% 102.0% 108.0% 114.0% 2025 LTM 2026 0 200 400 600 800 1,000 1,200 1,400 Shareholder Remuneration Paid (R$ million) 5.3% 5.3% 0.0% 6.0% 0 200 400 600 800 1,000 1,200 Dividend Yield (%)¹
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37/44 Earnings Release 2Q26 Events After the Reporting Period Resignation of Statutory Officer As disclosed in the Notice to the Market of July 7, 2026, Francisco Cesar Razzolini, Director of Sustainability, Research & Development and Innovation, submitted a letter of resignation from the position on June 29, 2026, following a structured and planned management transition process designed to ensure the continuity of the Company’s ongoing, resilient and sustainable growth trajectory. Klabin thanks Francisco Cesar Razzolini for his dedication and for the significant contributions he made throughout his 41-year professional career with the Company, during which he played a key role in the development and strengthening of Klabin’s business. Acquisition of Relevant Equity Interest In accordance with the Notice to the Market released on July 10, 2026, the shareholder Guepardo Investimentos reported the acquisition of Company securities and informed that, on July 9, 2026, it came to hold, in the aggregate, 5.06% of the preferred shares issued by the Company. Guepardo informed that its stake: (i) is not intended to result in the acquisition of control of the Company ; (ii) does not seek to change its management, control structure or regular operations ; and (iii) is solely intended as an investment in the Company.
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38/44 Earnings Release 2Q26 Conference Call Portuguese Thursday, August 6, 2026 Time: 11:00 a.m. (Brasília) Access via Zoom: click here English (simultaneous translation) Thursday, August 6, 2026 Time: 10:00 a.m. (NYC) Access via Zoom: click here IR Channels The Investor Relations team is at your service. Investor Relations website: ri.klabin.com.br Email: invest@klabin.com.br Content platform aimed at the individual investor with videos and podcasts about Klabin's business and the investments market. Access ri.klabin.com.br/KlabinInvest. The Company also has the Klabin Invest Newsletter, which delivers on a quarterly basis the main updates about the Company to your email inbox. To subscribe, click here. The statements made in this earnings release concerning the Company's business prospects, projected operating and financial results and potential growth are merely projections and were based on Management’s expectations regarding the Company’s future. These expectations are highly susceptible to changes in the market, in the state of the Brazilian economy, in the industry and in international markets, and therefore are subject to change. Klabin’s consolidated financial statements are presented in accordance with International Financial Reporting Standards (IFRS), as determined by CVM Instructions 457/07 and 485/10. Adjusted EBITDA follows CVM Instruction 156/22. Some of the figures on the charts and tables of this report may not express an accurate result due to rounding.
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39/44 Earnings Release 2Q26 Annex 1 - Consolidated Income Statement¹ ¹ The Operating Result before Financial Expenses is already net of the effects of the equity pickup. ∆ ∆ ∆ 2Q26/1Q26 2Q26/2Q25 6M26/6M25 Gross Revenue 6,167,870 5,942,473 6,001,082 4% 3% 12,110,343 11,631,240 4% Discounts and Rebates (945,004) (879,885) (748,772) 7% 26% (1,824,889) (1,498,780) 22% Cash Flow Hedge Realization (72,154) (116,631) (5,108) n/a n/a (188,785) (26,724) n/a Net Revenue 5,150,712 4,945,957 5,247,202 4% -2% 10,096,669 10,105,736 0% Variation in the Fair Value of Biological Assets 304,959 (581,330) 376,627 n/a -19% (276,371) 764,671 n/a Cost of Products Sold (3,708,402) (3,860,601) (3,474,372) -4% 7% (7,569,003) (7,086,414) 7% Gross Profit 1,747,269 504,026 2,149,457 n/a -19% 2,251,295 3,783,993 -41% Selling Expenses (486,934) (440,271) (506,098) 11% -4% (927,205) (880,631) 5% General & Administrative Expenses (291,954) (299,685) (276,094) -3% 6% (591,639) (573,374) 3% Other Revenues (Expenses) 67,365 44,200 (81,617) 52% n/a 111,565 (117,942) n/a Total Operating Expenses (711,523) (695,756) (863,809) 2% -18% (1,407,279) (1,571,947) -10% Equity Pickup 403 1,935 512 -79% n/a 2,338 764 n/a Operating Income (Before Fin. Results) 1,036,149 (189,795) 1,286,160 n/a -19% 846,354 2,212,810 -62% Financial Expenses (718,294) (797,496) (821,515) -10% -13% (1,515,790) (1,281,495) 18% Liabilities Foreign Exchange Result 62,339 227,752 386,241 -73% -84% 290,091 670,289 -57% Total Financial Expenses (655,955) (569,744) (435,274) 15% n/a (1,225,699) (611,206) n/a Financial Revenues 209,465 242,131 200,237 -13% 5% 451,596 364,099 24% Assets Foreign Exchange Result (76,247) (241,934) (330,582) -68% -77% (318,181) (476,947) -33% Total Financial Revenues 133,218 197 (130,345) n/a n/a 133,415 (112,848) n/a Financial Result (522,737) (569,547) (565,619) -8% n/a (1,092,284) (724,054) 51% Net Income Before Taxes 513,412 (759,342) 720,541 n/a -29% (245,930) 1,488,756 n/a Income Tax and Soc. Contrib. (126,832) 262,366 (135,212) n/a -6% 135,534 (456,928) n/a Net Income (Loss) 386,580 (496,976) 585,329 n/a -34% (110,396) 1,031,828 n/a Net income (Loss) Attributable to Noncontrolling Interests 109,424 33,080 13,263 n/a n/a 142,504 58,520 144% Net Income Attributable to Klabin's Stockholders 277,156 (530,056) 572,066 n/a -52% (252,900) 973,308 n/a Depreciation/Amortization/Exhaustion 1,158,958 1,162,379 1,126,726 0% 3% 2,321,337 2,425,567 -4% Change in Fair Value of Biological Assets (304,959) 581,330 (376,627) n/a -19% 276,371 (764,671) n/a Net Realization of Cash Flow Hedge 72,154 116,631 5,108 n/a n/a 188,785 26,724 n/a Adjusted EBITDA 1,961,899 1,668,610 2,040,855 18% -4% 3,630,509 3,899,666 -7% 6M25 (R$ thousands) 2Q26 1Q26 2Q25 6M26
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40/44 Earnings Release 2Q26 Annex 2 – Consolidated Balance Sheet Current Assets 17,727,428 16,094,470 15,144,906 Current Liabilities 8,853,668 9,049,524 7,169,128 Cash and Cash Equivalents 9,321,549 8,095,152 7,302,249 Trade payables 2,280,951 2,178,311 2,632,693 Securities and Financial Assets 787,211 789,910 780,504 Forfaiting 724,505 640,053 533,995 Accounts Receivable 2,186,582 2,290,321 1,888,215 Forfaiting forestry operations 1,170,372 1,227,389 644,531 Related parties 12,266 5,432 - Lease liabilities 381,325 264,588 290,071 Inventories 3,975,957 3,731,567 3,749,978 Tax obligations 267,059 310,846 474,322 Derivative Financial Instruments 339,210 254,817 30,553 Social security and labor obligations 513,059 401,130 474,322 Income Tax and Social Contribution to Recover 476,440 431,404 681,600 Borrowings 2,238,821 2,271,644 1,747,951 Taxes to Recover 336,324 285,027 361,864 Derivative financial instruments 107,037 118,654 - Other Assets 291,889 210,840 349,943 Provision for income tax and social contribution 80,245 75,908 127,237 Dividends and/or interest on capital paid 556,000 834,000 - Other payables and provisions 534,294 727,001 478,721 Noncurrent Assets 45,951,158 45,996,164 45,190,337 Noncurrent Liabilities 38,851,065 37,462,143 39,777,407 Derivative instruments 1,102,935 1,144,356 467,488 Trade payables 554 2,102 18,440 Deferred income tax and social contribution 106,356 102,253 22,176 Forfaiting forestry operations 328,230 345,067 415,487 Judicial deposits 229,878 226,775 206,593 Lease liabilities 1,458,968 1,495,051 1,408,238 Income tax and social contribution to recover 221,729 217,196 202,594 Borrowings 32,620,929 31,315,364 34,220,218 Taxes to recover 169,815 193,775 198,842 Derivatives 331,781 356,979 469,460 Related parties 14,408 23,741 - Deferred income tax and social contribution 2,561,737 2,403,631 1,686,230 Other receivables 385,639 315,445 201,411 Special Partnership Companies 188,354 188,354 200,566 Interest in subsidiaries and joint ventures 78,410 78,007 116,437 Provision for tax, social security, labor and civil contingencies 578,011 567,773 523,771 Other 4,482 20,819 20,819 Provision for actuarial liabilities 606,624 590,889 524,251 Fixed assets 28,465,810 28,637,059 28,808,016 Tax obligations 52,070 70,676 128,074 Biological assets 12,900,187 12,839,389 12,876,334 Other payables and provisions 123,807 126,257 182,672 Right of use asset 1,758,890 1,692,567 1,591,427 Stockholders´Equity 9,486,819 9,046,011 10,192,494 Intangible assets 512,619 504,782 478,200 Share capital 6,875,625 6,875,625 6,075,625 Capital and revaluation reserves (126,054) (133,675) (170,634) Revenue reserves 2,777,662 2,777,662 3,909,843 Carrying value adjustments 294,295 138,252 (530,901) Treasury shares (82,033) (81,904) (101,801) Goodwill on capital transactions in subsidiaries - - 36,668 Results for the period (252,676) (529,949) 973,694 Minority Interests 6,487,034 6,532,956 3,196,214 Total Asset 63,678,586 62,090,634 60,335,243 Total Liability + Equity 63,678,586 62,090,634 60,335,243 Liabilities and Equity (R$ thousands) Jun-26 Mar-26 Jun-25Assets (R$ thousands) Jun-26 Mar-26 Jun-25
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41/44 Earnings Release 2Q26 Annex 3 - Debt Amortization Schedule (as of June 30, 2026) Debts contracted in Brazilian reais linked to swaps for U.S. dollars considered as debts in foreign currency for the purpose of this annex . R$ million 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 to 2042 2043 to 2049 Total BNDES 100 189 217 217 217 199 199 211 211 205 179 537 - 2,680 CPR 25 - - - - - 261 500 - 1,202 - - - 1,989 Debentures 34 - - - - - - - - - - 1,515 - 1,549 Local Currency 160 189 217 217 217 199 460 711 211 1,408 179 2,052 - 6,218 CCB - 360 - - 1,488 - - - - - - - - 1,848 Prepayment/ECN 18 - - - 1,025 256 256 740 - - - - - 2,296 Debentures 43 440 440 440 - - - - - - - - - 1,364 Bonds 152 - - 3,659 - 2,588 - - - - - - 3,624 10,023 ECA and IDC/IFC/JICA 340 537 1,431 1,431 684 707 585 166 - - - - - 5,881 CRA 2 820 777 777 - - - - 2,508 - - - - 4,882 CPR-F 46 - - - - - - - - - 767 578 - 1,391 EDC 8 - - - 259 259 259 - - - - - - 785 Foreign Currency¹ 610 2,156 2,648 6,307 3,456 3,811 1,100 906 2,508 - 767 578 3,624 28,471 Cost of funding (commissions) (35) (71) (71) (85) (78) (73) (60) (42) (17) (13) (10) (8) 16 (548) Gross Debt 769 2,345 2,865 6,524 3,673 4,010 1,561 1,617 2,718 1,408 946 2,629 3,624 34,689 Gross debt net of commissions 734 2,274 2,794 6,439 3,595 3,937 1,500 1,575 2,701 1,394 936 2,621 3,640 34,141 ¹Includes swaps and the market fair value of these instruments
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42/44 Earnings Release 2Q26 160 711 179 610 906 767 6,307 2029 217 3,456 2030 199 3,811 2031 460 1,100 2032 2033 211 2,508 2034 1,408 0 20352026 2036 2,052 578 2037 a 2042 0 3,624 2043 a 2049 6,218 189 28,471 Total 769 2,345 2,865 2,156 3,673 4,010 1,561 1,617 2,718 1,408 946 6,524 3,624 34,689 2027 217 2,648 2028 217 2,629 Local Currency Foreign Currency Total: R$ 28,471 million 2,588 10,109 Liquidity Revolving Credit Facility Cash Position 12,697 Total: R$ 6,218 million Total Gross Debt: R$ 34,689 million
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43/44 Earnings Release 2Q26 Annex 4 - Consolidated Cash Flow Statement Profit Before Income Taxes 513,412 202,018 720,541 (245,930) 1,488,756 Depreciation and Amortization 581,021 594,543 623,225 1,175,564 1,107,622 Exhaustion of Biological Assets 577,937 567,836 503,501 1,145,773 1,317,945 Fair Value Variation of Biological Assets (274,127) 550,498 (376,627) 276,371 (764,671) Fair Value Variation of Securities and Financial Assets 2,740 (5,182) (32,838) (2,442) (42,239) Interest and Monetary Variation 774,409 678,781 699,132 1,453,190 1,398,332 Exchange Rate Variation 13,908 14,182 (55,659) 28,090 (193,342) Transaction costs 21,094 18,644 21,476 39,738 55,067 Lease Interest 13,521 10,183 42,290 23,704 75,749 Present Value Adjustment - Forest Risk Withdrawal 49,052 46,257 26,608 95,309 53,410 Derivative Financial Instruments (256,246) (77,892) (133,332) (334,138) (590,458) Hedge Reserve Realization 102,737 86,048 26,933 188,785 48,549 Income from Financial Investments (200,036) (228,091) (163,810) (428,127) (320,100) Estimated Losses from Doubtful Credit (PECLD) 10,839 162 (8,530) 11,001 (6,719) Estimated Losses with Inventory 2,196 (6,803) (2,332) (4,607) 10,215 Result from Asset Disposal (92,425) (64,378) - (156,803) - Equity Method Result (403) (1,935) (512) (2,338) (764) Provision for Legal and Administrative Processes 3,134 41,748 73,129 44,882 102,729 Others (23,374) 5,995 6,705 (17,379) 11,543 Accounts Receivable from Customers and Related Parties 94,817 77,924 (203,055) 172,741 (144,102) Inventories (105,604) 159,574 (572,961) 53,970 (272,170) Taxes to Recover (53,230) 25,380 10,467 (27,850) 19,568 Other Assets 7,422 56,733 (38,185) 64,155 (86,828) Suppliers Drawn-out Risk and Forest-drawn Risk 7,603 (522,379) 632,275 (514,776) 457,669 Tax Obligations (59,446) 22,862 (72,509) (36,584) (22,248) Social Security and Labor Obligations 111,929 (155,121) 88,641 (43,192) (53,014) Other Liabilities (206,574) 257,140 (46,334) 50,566 120,934 Cash Generated from Operations 1,616,306 1,393,367 1,768,239 3,009,673 3,771,433 Income Tax and Social Contribution Paid (49,960) (59,186) (38,694) (109,146) (104,525) Net Cash (Used in) Generated by Operating Activities 1,566,346 1,334,181 1,729,545 2,900,527 3,666,908 Purchases of Property, Plant and Equipment (Capex) (390,501) (551,992) (269,604) (942,493) (827,918) Purchases of Planting and Purchases of Standing Wood (Capex) (266,096) (287,178) (422,096) (553,274) (504,404) Securities and Financial Assets 199,995 228,732 215,251 428,727 375,872 Proceeds from Asset Disposal 75 1,074 3,707 1,149 6,544 Dividends Received from Subsidiaries 2,907 2,550 1,785 5,457 6,146 Net Cash from Investment Activities (453,620) (606,814) (470,957) (1,060,434) (943,760) Borrowing of Loans and Financing 1,692,962 - 3,693,475 1,692,962 3,693,475 Repayment of Loans, Financing, and Debentures (306,979) (1,652,516) (2,755,194) (1,959,495) (4,550,364) Payment of Interest on Loans, Financing, and Debentures (585,258) (439,988) (673,126) (1,025,246) (1,169,101) Payment of Lease Liabilities (163,262) (144,187) (145,824) (307,449) (257,423) Sale of Treasury Stock - 36,934 - 36,934 33,050 Payment of derivative transactions (28,500) (45,688) 10,415 (74,188) (478,344) Capital Increase in Subsidiaries by Non-controlling Shareholders - - 651,288 - 1,465,398 Dividends Paid to JVs and SPVs (143,756) (8,259) (60,793) (152,015) (84,453) Dividends Paid & IOC Paid (278,000) (278,000) (278,786) (556,000) (555,956) Net Cash from Financing Activities 187,207 782,113 441,455 (2,344,497) (1,903,718) Increase (Decrease) in Cash and Cash Equivalents 1,299,933 1,064,417 1,700,043 (504,404) 819,430 Effect of Exchange Rate Variation on Cash and Cash Equivalents (73,536) (206,527) (68,988) (280,063) (253,352) Increase (Decrease) in Cash and Cash Equivalents with Cash Acquired 1,226,397 1,146,545 1,631,055 (784,467) 566,078 Opening Balance of Cash and Cash Equivalents 8,095,152 8,959,471 5,671,194 10,106,016 6,736,171 Closing Balance of Cash and Cash Equivalents 9,321,549 10,106,016 7,302,249 9,321,549 7,302,249 6M252Q25R$ thousand 2Q26 1Q25 6M26
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44/44 Earnings Release 2Q26