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3Q26 ri.klabin.com.br Earnings Presentation
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ri.klabin.com.br 3Q26 Earnings Presentation DISCLAIMER This presentation may contain forward-looking projections or statements. Such statements are exposed to known and unknown risks and differentnature uncertaintiesthat may cause these expectationsnot to materializeor to differ materiallyfrom those anticipated. Furthermore, these expectationsand projectionsare made based on estimates,informationor methodologythat may be inaccurateor incorrect. Those risks and uncertainties,among others, are related to: (i) future demand for the Company's products; (ii) changes in the aspects that impact the domestic and international product prices; (iii) changes in cost structures; (iv) changes in the seasonality of markets; (v) competitionin the markets in which the Company operates; (vi) exchange variations; (vii) changes in the global market and especiallyin the markets where the Company operates or sells its products; (viii) capital markets; and (ix) factors that affect the company's operation, including changes in laws and regulations. For additionalinformationon factors that may impact the Company's statements,please consult the ReferenceForm, in particularitem 4 (Risk Factors),which is registeredwith CVM and also availableon the Company'sInvestorRelations website. There is no guaranteethat the Company'sexpectationsor projectionswill occur and current results are no guaranteeof future performance. This presentationis up to this date and Klabin has no obligationto updateit in light of new informationand/orfutureevents. 2
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ri.klabin.com.br 3Q26 Earnings Presentation 3 3Q26 PERFORMANCE Pulp 115 k tons LONG FIBER /FLUFF 11% 288 k tons SHORT FIBER 27%403 k tons Paper 148 k tons KRAFTLINER 14% 231 k tons COATED BOARD 22%379 k tons Packaging 37 k tons INDUSTRIAL BAGS 3% 245 k tons CORRUGATED BOXES 23%283 k tons % of total sales volume¹ Conversion² (Integration) 67% CORRUGATED BOXES INDUSTRIAL BAGS 1 - Excludeswood and includesby-productsales. 2 - Considersthe amountof paper used for packagingproductionin relation to the volume produced of containerboardin the period (473 k tons). 3 - Includessaleof wood,by-products,and hedgeaccounting. Total Sales¹ 1,064 k tons Adjusted EBITDA R$ 1.9 bn Net Revenue³ R$ 5.6 bn
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ri.klabin.com.br 3Q26 Earnings Presentation 4 3Q26 RESULTS Net revenue of R$ 5.6 billion, reflecting higher prices across all segments. FX R$ / US$ 3Q26 3Q25 Average dollar 5.14 5.45 Sales Volume¹ (k tons) Net Revenue² (R$ million) Domestic Market Foreign Market (R$ million) 1 – Excludes wood and includes sales of by-products 2 – Includes sales of wood, by-products and hedge accounting 54% 46% 3Q25 53% 47% 3Q26 1,067 1,064 0% 65% 35% 3Q25 64% 36% 3Q26 5,426 5,566 +3% 39% 3Q25 33% 3Q26 2,117 1,856 EBITDA Margin Adjusted EBITDA Adjusted EBITDA
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ri.klabin.com.br 3Q26 Earnings Presentation 5 TOTAL CASH COST¹ 1 - Includes scheduled maintenance shutdown costs. Main cost pressures in 9M26… 474 440 469499 269 267 275 451 278 835 757 848 274 929 954 973 976 732 991 744 740 813 987 781 742 Fixed Cost Variable Cost Fibers General and Administrative Expenses Sales Expenses Other Net Income/Expenses 5 3Q26 -72 2Q26 -75 3Q25 -36 9M26 13 9M25 3,483 3,204 3,104 3,345 3,199 +9% +12% +5% COGS (R$ per ton) • El Niño and geopolitical conflicts: R$101/t • No land sales recognized in 3Q26 …partially offset by internal initiatives • Variable costs: R$19/t reduction driven by supplier renegotiations and input contract optimization. • Fixed costs (excluding maintenance shutdown): +2.8% vs. 9M25, below inflation (4.58%) – reflecting disciplined cost management.
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ri.klabin.com.br 3Q26 Earnings Presentation 6 NET DEBT AND LEVERAGE Leverage (in US$) at 3.3x, broadly in line with 2Q26 Position on 09/30/2026 (R$ billion) Gross Debt 33.5 Cash¹ 9.5 Net Debt 24.0 3.2 3.5 3.9 4.1 3.9 4.5 3.9 4.0 3.9 3.2 3.6 3.3 3.3 3.2 3.3 3.3 3.3 3.1 3.2 3.2 3.3 3.2 3.33.5 3.5 3.7 Net Debt/EBITDA (LTM² - US$)³ Net Debt/EBITDA (LTM² - R$)³ 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 20,882 6,544 20,193 6,322 21,350 6,032 23,756 3Q23 29,503 7,192 33,297 7,333 30,482 7,539 27,951 7,528 26,097 7,840 25,902 7,848 24,041 7,658 24,032 7,579 23,977 7,3186,740 Net Debt (R$ million) Adjusted EBITDA LTM² (R$ million) 1 – Does not include US$500 million Revolving Credit facility (RCF) due in Oct/30 2 – LTM: Last twelve months 3 – Net Debt/EBITDA (US$): considers the final US$ dollar of the period for the calculation of net debt and the average US$ dollar of the period for LTM EBITDA
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ri.klabin.com.br 3Q26 Earnings Presentation 490 714 584 890 702 528 220 6,050 2029 220 3,328 2030 201 3,804 2031 1,091 2032 2033 214 2,283 2034 1,376 0 87 2035 182 2026 263 2036 2,0362,263 2037 to 2042 0 3,627 2043 to 2049 2027 2,526 2,831 6,270 3,548 4,005 1,581 1,604 671 1,376 884 2,564 3,627 220 2,611 2028 2,496 30 months of coverage¹ 2,590 9,476 Liquidity Cash Position 12,066 7 AMORTIZATION SCHEDULE Robust liquidity position and extended debt profile, with no significant maturities in the short term. Local Currency Foreign Currency 83% of total gross debt is in US$, of which 77% is at fixed interest rates Revolving Credit Facility R$ million In months 3Q26 2Q26 3Q25 Average Debt Maturity 82 84 86 Cost of Debt in US$ (p.y.) 5.2% 5.1% 5.3% -0.1 p.p. 1 - Does not include available funds under the US$500 million Revolving Credit Facility (RCF), maturing in October 2030
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ri.klabin.com.br 3Q26 Earnings Presentation 8 FREE CASH FLOW 1 – SPVs (Special Purpose Vehicles) and SCPs (Silent Partnerships). 2 – Excluding dividends and special projects and growth. The LTM 3Q25 figure includes R$69 million related to the Puma II Project. 3 – Yield - Adjusted FCF per unit (excluding treasury stock) divided by the average price of the Units in the LTM (Last Twelve Months).
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ri.klabin.com.br 3Q26 Earnings Presentation 9 2025 LTM 2026 1,215 1,152 Dividends + IoC (R$ million) Dividend Yield¹ SHAREHOLDER RETURNS 5.2%5.3% 1 – Calculated based on the dividends paid per unit and the average daily closing price of the unit in the period. 2 – As approved at the Board of Directors' Meeting held on 12/08/2025. To access the Material Fact, click here. Ex-dividend date: December 16,2025. Payment to be made on August 19, 2026. 3 – To access the Company’s Dividend and Interest on Capital Policy, click here. 4 – According to the Material Fact published on June 24th, 2026, click here. 5 – According to the information disclosed in the September 2026 CVM Form 44 report. DIVIDENDS R$ million considering cash method Dividends 3Q26²: R$ 278 million (15% of EBITDA) Dividends and IoC Policy³: Target payout between 10% and 20% of Adjusted EBITDA SHARE BUYBACK PROGRAM4 Focus on generating shareholder value through the efficient management of the capital structure and management’s confidence in the strength of the business fundamentals 23% AQUISIÇÃO5 TERM 18 months AQUISITION LIMIT (Units) 31,250,000 7.2 million Units
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ri.klabin.com.br 3Q26 Earnings Presentation 10 PULP PAPER PACKAGING SHORT FIBER FLUFF COATED BOARD KRAFTLINER INDUSTRIAL BAGS CORRUGATED BOXES Negative Trend Neutral Trend Positive Trend MARKET THERMOMETER DEMAND (MARKET) SALES VOLUME PRICES¹ 1 – Prices in US dollars for pulp and paper, based on an average exchange rate of R$ 5.14/US$ in 3Q26 and an estimated average exchange rate of R$ 5.11/US$ in 4Q26; prices in R$/m² for packaging.
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ri.klabin.com.br 3Q26 Earnings Presentation 11 December 9, 2026 – Online Event
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Appendix
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ri.klabin.com.br 3Q26 Earnings Presentation 13 PULP Higher hardwood pulp prices in USD and increased fluff pulp sales volume supported the quarter’s performance. 1 – Calculation based on the average dollar exchange rate for the period of R$ 5.14/US$ 295 288 3Q25 3Q26 -2% 528 623 3Q25 3Q26 +18% Sales Volume (k ton) LONG FIBER/FLUFF Sales Volume (k ton) SHORT FIBER Net Price (US$ per ton¹) Net Price (US$ per ton¹) 89 103 17 12 3Q25 3Q26 Long Fiber Fluff 106 115 +9% 3Q25 3Q26 1,004 1,002 0%
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ri.klabin.com.br 3Q26 Earnings Presentation 14 PAPER Higher coated board sales volumes (+9%) and a 9% increase in containerboard prices (USD/t) drove a 10% increase in paper revenues compared to 3Q25. Sales Volume (k ton) Net Revenue (R$ million) COATED BOARD Sales Volume (k ton) Net Revenue (R$ million) CONTAINERBOARD 163 148 3Q25 3Q26 -10% 624 581 3Q25 3Q26 -7% 212 231 3Q25 3Q26 +9% 3Q25 3Q26 1,191 1,306 +10%
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ri.klabin.com.br 3Q26 Earnings Presentation 15 CORRUGATED BOXES Revenue of R$1.6 billion, reflecting a 3% price increase compared to the same period last year. Sales Volume Net Revenue (k ton) (million m²) (R$ million) 250 245 3Q25 3Q26 -2% 456 438 3Q25 3Q26 -4% 3Q25 3Q26 1,637 1,651 +1%
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invest@klabin.com.br invest@klabin.com.br ri.klabin.com.br/ ri.klabin.com.br/ Klabin.SA Klabin.SA Klabin Invest @klabin.sa @bioklabin @klabinforyou Klabin.SA klabin.sa klabinforyou Klabin.SA