Earnings release
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1/43 Earnings Release 3Q26 Earnings Release 3Q26
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2/43 Earnings Release 3Q26 NET REVENUE REACHES R$ 5.6 BILLION IN 3Q26 (+3% VERSUS 3Q25), REFLECTING HIGHER PRICES ACROSS ALL SEGMENTS Operational Consistency Production Pulp Net Revenue Solid operational performance, underscoring the robustness and resilience of the industrial assets. Net revenue of R$ 1.5 billion, driven by an 18% increase in hardwood pulp prices in USD and maintenance of the high price level for softwood/fluff pulp (USD 1,002/t). Paper Performance Corrugated Boxes Price Highlighting the 23% increase in coated board sales volume in the overseas market versus 3Q25, as well as the 9% increase in containerboard prices in USD on the same comparison basis. Prices increased 4% versus 3Q25, reflecting the commercial strategy focused on value capture, despite a high comparison base. Leverage (US$) 3.3x Return to Shareholders LTM 3Q26 Leverage ratio, in U.S. dollars, ended 3Q26 at 3.3x, up 0.1x versus 2Q26, with no change to the deleveraging trajectory or capital structure optimization. Klabin paid out R$ 1.2 billion in shareholder remuneration over the last 12 months, achieving a dividend yield of 5.2%. The Shareholder Remuneration Policy is available at this link. Klabin also executed 23% of the total amount announced under its Share Buyback Program during the period. Klabin Market cap R$ 22 billion¹ 1KLBN11 on 9/30/2026 KLBN11 Closing Price R$ 18.11/unit¹ 3Q26 Average Daily Trading Volume R$ 91 million Conference Call October 29th, 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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3/43 Earnings Release 3Q26 Financial Highlights ∆ ∆ ∆ 3Q26/2Q26 3Q26/3Q25 9M26/9M25 Sales Volume (thousand tonnes)¹ 1,064 1,018 1,067 5% 0% 3,098 2,983 4% % Domestic Market 53% 54% 54% - 1 p.p. - 1 p.p. 53% 52% + 1 p.p. Pulp 403 386 401 4% 1% 1,189 1,140 4% Paper 379 359 375 6% 1% 1,095 1,031 6% Packaging 283 273 291 4% -3% 814 813 0% Net Revenue² 5,566 5,151 5,426 8% 3% 15,663 15,532 1% % Domestic Market 64% 67% 65% - 3 p.p. - 1 p.p. 65% 63% + 2 p.p. Pulp 1,512 1,446 1,425 5% 6% 4,367 4,390 -1% Paper 1,887 1,714 1,815 10% 4% 5,290 5,100 4% Packaging 2,009 1,915 2,021 5% -1% 5,718 5,574 3% Adjusted EBITDA 1,856 1,962 2,117 -5% -12% 5,487 6,017 -9% Adjusted EBITDA Margin 33% 38% 39% - 5 p.p. - 6 p.p. 35% 39% - 4 p.p. Net Income 393 387 478 2% -18% 283 1,510 -81% Net Debt 23,977 24,032 26,097 0% -8% 23,977 26,097 -8% Net Debt / EBITDA (LTM - BRL) 3.3x 3.2x 3.3x + 0.1x - 0.0x 3.3x 3.3x - 0.0x Net Debt / EBITDA (LTM - USD) 3.3x 3.2x 3.6x + 0.1x - 0.3x 3.3x 3.6x - 0.3x CAPEX 754 657 554 15% 36% 2,250 1,808 24% Average BRL/USD Exchange Rate 5.14 5.05 5.45 2% -6% 5.15 5.65 -9% End of Period BRL/USD Exchange Rate 5.18 5.18 5.32 0% -3% 5.18 5.32 -3% 2Q26 3Q25 9M26 9M25R$ million 3Q26 ¹ Excludes wood and by-product sales ² Includes wood and by-product sales and hedge accounting
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4/43 Earnings Release 3Q26 Table of Contents Quarterly 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 ................................ ................................ .............................. 14 Net Revenue ................................ ................................ ................................ ................................ ....... 14 Total Cash Cost ................................ ................................ ................................ ................................ .. 15 Adjusted EBITDA ................................ ................................ ................................ ................................ 19 Effect from Variations in Biological Assets ................................ ................................ .......................... 21 Financial Result ................................ ................................ ................................ ................................ .. 22 Net Income ................................ ................................ ................................ ................................ ......... 22 Investments (CAPEX) ................................ ................................ ................................ ......................... 23 Free Cash Flow................................ ................................ ................................ ................................ ... 24 Return on Invested Capital (ROIC)................................ ................................ ................................ ...... 25 Debt and Cash Position ................................ ................................ ................................ ...................... 26 Hedge Accounting ................................ ................................ ................................ ............................... 28 Derivative Financial Instruments ................................ ................................ ................................ ......... 29 Capital Markets................................ ................................ ................................ ................................ ... 31 Variable Income ................................ ................................ ................................ ................................ .. 31 Share Buyback Program ................................ ................................ ................................ ..................... 32 Fixed Income ................................ ................................ ................................ ................................ ...... 33 Rating ................................ ................................ ................................ ................................ ................. 34 Shareholder Remuneration ................................ ................................ ................................ ............... 35 Events After the Reporting Period ................................ ................................ ................................ .... 36 Conference Call ................................ ................................ ................................ ................................ .. 37 Annex 1 - Consolidated Income Statement ................................ ................................ ...................... 38 Annex 2 – Consolidated Balance Sheet ................................ ................................ ............................ 39 Annex 3 - Debt Amortization Schedule ................................ ................................ ............................. 40 Annex 4 - Consolidated Cash Flow Statement ................................ ................................ ................. 42
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5/43 Earnings Release 3Q26 MESSAGE In the third quarter of 2026, Klabin maintained consistent results, supported by the disciplined execution of its commercial strategy, the operational flexibility of its assets and the diversification of its portfolio. In a context marked by appreciation of the Brazilian real against the U.S. dollar and inflationary cost pressures stemming from the global geopolitical environment, as well as measures to mitigate the effects of El Niño, the Company demonstrated operational resilience and the ability to adapt to different market dynamics. The quarter was marked by the scheduled maintenance stoppage at the Otacílio Costa unit. Even so, the operational stability of its assets, coupled with progress in the ramp-up of PM28, enabled the Company to maintain total sales volumes at stable levels compared with the same period of the previous year, demonstrating the robustness and flexibility of its integrated business model. In the pulp segment, the diversified portfolio continued to be an important competitive advantage. The combination of short fiber, long fiber, and fluff, together with active management of the sales mix, enabled the Company to capture opportunities across different p roducts, regions, and markets, helping preserve profitability and grow segment revenue despite the effects of the appreciation of the Brazilian real against the U.S. dollar during the period. Sales volume totaled 403 thousand metric tons, in line with 3Q25. In the paper business, the growth in coated board sales (+20 thousand metric tons), supported by the operational progress of PM28 and demand in strategic markets, more than offset the impact of the scheduled maintenance stoppage at Otacílio Costa on kraftliner sales. The prioritization of higher-value- added markets contributed to maximizing asset profitability. The segment's sales volume totaled 379 thousand metric tons, largely in line with 3Q25. In the packaging business, the Company maintained stable revenue despite a high comparison base, reflecting the realization of price increases and contracted volume. The sales volume was 283 thousand metric tons, down 3% from the same period last year. Consolidated net revenue totaled R$ 5.6 billion in the period, up 3% from 3Q25, primarily reflecting price realization in pulp, the effects of the paper sales mix and the strategic allocation of volumes among the Company’s different business segments and regions. These factors were partially offset by a stronger Brazilian real against the U.S. dollar during the period. The total cash cost per metric ton, including the effects of maintenance stoppages, was R$ 3,483/t in 3Q26, up 12% from 3Q25, attributable mainly to initiatives adopted in response to the El Niño (R$ 111/t), as well as higher costs amid pressure on inputs and freight resulting from ongoing geopolitical conflicts (R$ 66/t). Accordingly, the Company acted on multiple fronts to mitigate these impacts, focusing on efficiency gains and variable cost discipline, which resulted in a R$ 13 million reduction in costs during the period. It is important to note that, given the expectation of one of the most severe El Niño events in recent decades, the Company has been adopting preventive measures since 2Q26 to mitigate potential operational impacts and ensure the continuity of its operations. QUARTERLY MESSAGE
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6/43 Earnings Release 3Q26 Adjusted EBITDA totaled R$ 1.9 billion in the quarter, reflecting the effects mentioned above, plus the increase in costs during the period. The Company ended 3Q26 with a leverage ratio, measured by net debt relative to Adjusted EBITDA, in USD, of 3.3x, virtually stable compared to 2Q26. Supported by an integrated, diversified, and flexible business model, the Company continues to move forward with a focus on efficiency and financial strength, prepared to consistently create value for its stakeholders even amid volatile macroeconomic conditions.
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7/43 Earnings Release 3Q26 Operational Performance Scheduled Maintenance Stoppages In the third quarter of 2026, as scheduled, the maintenance stoppage was carried out at the Otacílio Costa (SC) unit, affecting containerboard (kraftliner) production. The maintenance stoppage of the unit lasted 15 days and had a direct cost of R$ 25 million. The stoppage lasted five days longer than the previous one, which took place in 2Q25, due to maintenance work on the recovery boiler. The cost was 4% higher, in line with inflation. The activities have resumed and the mill is operating normally. It is worth noting that there were no maintenance stoppages in 3Q25. Below is the schedule of maintenance stoppages planned for 2026. Additionally, below is the preliminary schedule of maintenance stoppages planned for 2027, a year in which all of the Company's pulp and paper units will undergo a general maintenance stoppage. 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 Manufacturing Plant Monte Alegre (PR) MA Ortigueira (PR) ORT Otacílio Costa (SC) OC Correia Pinto (SC) CP Legend: Executed To be Executed Maintenance Stoppage Schedule 2027 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
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8/43 Earnings Release 3Q26 Net Production The total net production volume of pulp and paper was 1,120 thousand metric tons in 3Q26, down 11 thousand metric tons from the same period in 2025 and stable versus 2Q26. Pulp production in the quarter was 413 thousand metric tons, a decrease of 10 thousand metric tons compared with 3Q25, mainly reflecting the optimization of the Company’s integrated production mix. Paper production, in turn, totaled 706 thousand metric tons in the quarter, down 2 thousand metric tons from the same period of the previous year. This mainly reflected : (i) lower containerboard production due to the scheduled maintenance stoppage at the Otacílio Costa unit ; and (ii) lower recycled paper production volumes, due to the market -related shutdown of the Paulínia mill in July 2025 and the Goiana mill in October 2025. These effects were partially offset by increased coated board production, including continued progress in the PM28 ramp-up. 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), with an annual installed capacity of 40 thousand metric tons, has been idled since October 2025. ∆ ∆ ∆ ∆ ∆ 3Q26/2Q26 3Q26/3Q25 3Q26/3Q25 9M26/9M25 9M26/9M25 Pulp 413 395 423 5% -2% (10) 1,218 1,194 2% 24 Short Fiber 295 280 303 6% -2% (7) 865 842 3% 23 Long Fiber/Fluff 118 115 121 3% -2% (2) 353 352 0% 1 Paper 706 725 708 -3% 0% (2) 2,070 2,087 -1% (17) Coated Boards 234 247 216 -5% 8% 17 666 675 -1% (9) Coated Boards 191 190 181 1% 6% 10 522 550 -5% (28) PM28 42 57 35 -26% 20% 7 145 126 15% 19 Containerboard¹ 473 479 491 -1% -4% (19) 1,403 1,412 -1% (8) Kraftliner 232 252 248 -8% -6% (16) 716 721 -1% (5) PM27 116 115 112 1% 4% 4 343 326 5% 17 PM28 70 54 69 28% 1% 1 177 179 -1% (2) Recycled 55 57 63 -4% -12% (8) 168 186 -10% (18) Total Production Volume 1,120 1,120 1,131 0% -1% (11) 3,288 3,281 0% 7 PM27 and 28 228 227 217 1% 5% 12 665 631 5% 34 PM27 116 115 112 1% 4% 4 343 326 5% 17 PM28 112 111 105 1% 7% 8 322 305 6% 17 ¹ Includes Kraftliner, White Top Liner, Recycled, Eukaliner®, Eukaliner® White and other containerboard grades Volume (metric tons) 9M26 9M253Q26 2Q26 3Q25
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9/43 Earnings Release 3Q26 Business Performance Sales Volume In 3Q26, total sales volume (ex-wood) was 1,064 thousand metric tons, in line with the same period of the previous year. This demonstrates the Company’s operational consistency and the businesses’ commercial discipline, even taking into account that no maintenance stoppages took place in 3Q25, whereas a scheduled shutdown was carried out at Otacílio Costa in 3Q26. Details for each of the business segments are presented below. ∆ ∆ ∆ ∆ ∆ 3Q26/2Q26 3Q26/3Q25 3Q26/3Q25 9M26/9M25 9M26/9M25 Pulp 403 386 401 4% 1% 2 1,189 1,140 4% 49 Short Fiber 288 264 295 9% -2% (7) 842 812 4% 31 Long Fiber/Fluff 115 121 106 -6% 9% 9 347 329 6% 18 Paper 379 359 375 6% 1% 4 1,095 1,031 6% 64 Coated Board 231 214 212 8% 9% 20 640 599 7% 42 Containerboard¹ 148 145 163 2% -10% (16) 455 432 5% 23 Packaging 283 273 291 4% -3% (8) 814 813 0% 1 Corrugated Boxes 245 239 250 3% -2% (4) 710 701 1% 8 Industrial Bags 37 34 41 9% -10% (4) 104 111 -6% (7) Other - - 0 n/a n/a (0) - (1) n/a 1 Total Sales Volume (ex-wood)² 1,064 1,018 1,067 5% 0% (2) 3,098 2,983 4% 115 ¹ Includes Kraftliner, White Top Liner, Recycled, Eukaliner®, Eukaliner® White and other containerboard grades Volume (metric tons) 3Q253Q26 2Q26 ² Includes by-product sales 9M26 9M25 38% 27% Pulp Packaging Paper² 35% Sales Volume¹ (k tons) Sales Volume by Product¹ 3Q26 ¹Excludes Wood and others ²Includes Kraftliner, White Top Liner, Recycled, Eukaliner®, Eukaliner® White and other containerboard grades 54% 46% 3Q25 53% 47% 3Q26 1,067 1,064 0% Domestic Market Foreign Market (metric tons)
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10/43 Earnings Release 3Q26 Forestry The wood sales volume came to 1,335 thousand metric tons in 3Q26, virtually in line with the same period of the previous year. Net revenue from the forestry segment totaled R$ 184 million in the quarter, a 17% increase from 3Q25, driven by a better mix of available wood, the profile of the forest sold and the effect of a weaker comparison base in 3Q25, when demand was impacted more significantly by export tariffs imposed during the period. Pulp In 3Q26, pulp sales volume totaled 403 thousand metric tons, in line with the same period last year. Net revenue totaled R$ 1.5 billion in the quarter, up 6% from 3Q25, primarily reflecting the recovery in international U.S. dollar prices for short-fiber pulp, combined with disciplined execution of the commercial strategy and active management of the sales mix. These factors more than offset the impacts of the appreciation of the Brazilian real against the U.S. dollar during the period. The quarter's consolidated results demonstrate Klabin's ability to capture value from its diversified portfolio and flexibility in allocating volumes among products, regions, and more profitable markets. As the only Company in Latin America to produce and market the three main types of pulp — short fiber, long fiber, and fluff — Klabin combines exposure to different market dynamics with a commercial strategy focused on maximizing value. This positioning enables us to optimize the sales mix, capitalize on co mmercial opportunities, and sustain greater margin resilience throughout industry cycles, reinforcing the consistency of our business results. Short Fiber The short-fiber pulp market gradually recovered over the quarter, supported by lower pulp inventories in China and a resumption of imports. This signaled the beginning of an inventory -replenishment cycle in anticipation of periods of stronger seasonal demand. This dynamic contributed to a better balance between ∆ ∆ ∆ 3Q26/2Q26 3Q26/3Q25 9M26/9M25 Wood 1,335 987 1,370 35% -3% 3,211 3,156 2% Revenue (R$ million) Wood 184 145 157 27% 17% 501 466 8% 2Q26 3Q253Q26Volume (metric tons) 9M259M26 ∆ ∆ ∆ 3Q26/2Q26 3Q26/3Q25 9M26/9M25 Short Fiber DM 71 73 90 -2% -21% 215 219 -2% Short Fiber EM 217 191 205 13% 6% 628 592 6% Short Fiber 288 264 295 9% -2% 842 812 4% Long Fiber/Fluff DM 55 54 51 2% 9% 158 134 18% Long Fiber/Fluff EM 60 67 55 -12% 9% 189 195 -3% Long Fiber/Fluff 115 121 106 -6% 9% 347 329 6% Total Pulp 403 386 401 4% 1% 1,189 1,140 4% Revenue (R$ million) Short Fiber 922 861 848 7% 9% 2,669 2,553 5% Long Fiber/Fluff 590 585 578 1% 2% 1,698 1,837 -8% Total Pulp 1,512 1,446 1,425 5% 6% 4,367 4,390 -1% Net Price (R$/ton) Short Fiber 3,200 3,257 2,874 -2% 11% 3,169 3,145 1% Long Fiber/Fluff 5,146 4,820 5,472 7% -6% 4,893 5,589 -12% Total Pulp 3,754 3,749 3,558 0% 5% 3,672 3,850 -5% Net Price (US$/ton) Short Fiber 623 645 528 -3% 18% 616 557 11% Long Fiber/Fluff 1,002 954 1,004 5% 0% 950 989 -4% Total Pulp 731 742 653 -2% 12% 713 681 5% DM: Domestic Market EM: Export Market 9M26 9M253Q25Volume (metric tons) 3Q26 2Q26
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11/43 Earnings Release 3Q26 supply and demand and contributed to the recovery in international prices in the region starting in September, although the quarterly average price remained below the level recorded in 2Q26. According to the FOEX index, compared with 3Q25, prices increased by 14% in China and by 32% in Europe and the Brazilian market, reflecting an improvement in market fundamentals between the periods. In relation to 2Q26, prices declined by 5% in China and remained stable in Europe. In this context, net revenue from short fiber reached R$ 922 million, up 9% from 3Q25 and making a significant contribution to the segment’s consolidated revenue growth. This performance was driven primarily by the recovery in international prices in U.S. dollars, although affected by the impact of carryover volumes from 2Q26 , combined with the execution of the Company’s commercial strategy, focused on optimizing the sales mix and allocating volumes to higher -profitability markets. These factors more than offset the effects of the appreciation of the Brazilian real against the U.S. dollar during the period. Long Fiber and Fluff The fluff pulp market remained favorable throughout the quarter, underpinned by consistent demand from the personal care and baby and adult care segments, alongside a more balanced global supply -demand environment, which also reflected capacity closures in 2026 . In this context, global average fluff prices increased 2% compared with 2Q26, according to the RISI's Table 5 index. Compared with 3Q25, the Company's average realized prices in U.S. dollars remained stable. Compared with 2Q26, prices increased 7% in Brazilian reais and 5% in U.S. dollars, driven primarily by price movements over the periods and the timing effect of realization in the Company's portfolio. During the quarter, long-fiber and fluff pulp accounted for 28% of total pulp sales volume and 39% of the segment's net revenue, underscoring their strategic contribution to the Company's consolidated performance. With spreads structurally higher than those of short fiber, fluff pulp played a significant role in the profitability of the Company's portfolio. Integrated operations across the three main pulp markets provide greater flexibility to adjust the sales mix in response to changing market conditions, contributing to value capture and earnings resilience. Net revenue from long fiber and fluff totaled R$ 590 million in 3Q26, virtually in line with the same period last year. The 9% increase in sales volume was partially offset by the appreciation of the Brazilian real against the U.S. dollar during the period . The segment’s performance in the quarter reinforces the contribution of these fibers to the balanced composition and consistent results of the pulp segment.
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12/43 Earnings Release 3Q26 Paper In 3Q26, paper sales volume totaled 379 thousand metric tons, virtually stable compared with the same period last year. The growth in coated board sales, supported by progress in PM28’s ramp-up, was partially offset by the effects of the kraftliner production shutdown at Otacílio Costa. Net revenue totaled R$ 1.9 billion in the quarter, up 4% from the same period last year, driven mainly by higher prices in the export market in U.S. dollars for both segments and growth in coated board volumes, which more than offset the effects of the appreciation of the Brazilian real against the U.S. dollar on revenue. 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 9% growth in sales volume compared with the same period of the previous year, primarily driven by sales in the foreign market, which increased by 23%. This performance was supported mainly by a higher sales volume of LPB (Liquid Packaging Board) in the export market. In the domestic market, in turn, sales volume remained stable compared with 3Q25. Net revenue was R$ 1.3 billion in 3Q26, up 10% from 3Q25, driven by growth in sales volumes, as well as a mix effect between products and regions. These factors were partially offset by the appreciation of the Brazilian real against the U.S. dollar during the period. Containerboard The containerboard segment ended 3Q26 with sales volume of 148 thousand metric tons, down 10% from 3Q25. Volume was primarily affected by the scheduled maintenance stoppage at the Otacílio Costa unit in 3Q26. No such stoppage occurred during the same perio d last year. Logistical constraints also limited shipments during the quarter. Net revenue from containerboard came to R$ 581 million in 3Q26, a 7% decline versus 3Q25. Despite a 3% increase in prices in U.S. dollar terms during the period, reflecting the realization of price increases, this effect was more than offset, primarily by lower volumes. ∆ ∆ ∆ 3Q26/2Q26 3Q26/3Q25 9M26/9M25 Coated Board DM 132 133 131 -1% 1% 389 361 8% Coated Board EM 99 81 81 22% 23% 252 238 6% Coated Board 231 214 212 8% 9% 640 599 7% Containerboard DM 31 29 25 6% 23% 84 75 12% Containerboard EM 117 116 138 1% -15% 371 357 4% Containerboard¹ 148 145 163 2% -10% 455 432 5% Paper 379 359 375 6% 1% 1,095 1,031 6% Revenue (R$ million) Coated Board 1,306 1,183 1,191 10% 10% 3,591 3,367 7% Containerboard¹ 581 531 624 9% -7% 1,699 1,733 -2% Paper 1,887 1,714 1,815 10% 4% 5,290 5,100 4% Net Price (R$/ton) Coated Board 5,643 5,525 5,626 2% 0% 5,608 5,623 0% Containerboard¹ 3,932 3,659 3,820 7% 3% 3,738 4,013 -7% Paper 4,977 4,772 4,840 4% 3% 4,832 4,948 -2% DM: Domestic Market EM: Export Market 3Q25Volume (metric tons) 3Q26 2Q26 9M26 9M25 ¹ Includes Kraftliner, White Top Liner, Recycled, Eukaliner®, Eukaliner® White and Other containerboard grades
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13/43 Earnings Release 3Q26 Packaging In 3Q26, packaging sales volume was 283 thousand metric tons, a 3% decrease compared with 3Q25, reflecting the high comparison base in the period last year. Even so, net revenue totaled R$ 2.0 billion in the quarter, remaining stable compared with the same period last year, reflecting price increases during the period. Corrugated Boxes According to the Empapel, the quarterly shipment volume of corrugated boxes in m² remained in line with 3Q25. Klabin recorded a 4% decline over the same period, reflecting the commercial strategy focused on capturing value. The strategy prioritized maintai ning price adjustments in line with inflation and portfolio profitability. Additionally, the quarter was affected by temporary effects related to the anticipation of protein shipments to China in the first half of 2026. Net revenue from corrugated boxes was R$ 1.7 billion in 3Q26, remaining stable compared with the same period last year, as implemented price increases offset the decline in volumes. In the first nine months of the year, the segment's net revenue grew by 5% in relation to the same prior-year period, driven primarily by a 4% increase in prices. Industrial Bags According to data from SNIC, cement dispatches in Brazil —an important indicator for industrial bag sales—was stable in 3Q26 compared to 3Q25, considering the volume in metric tons per business days. In response to the tariff measures affecting Klabin’s exports of industrial bags, the Company continues to expand its domestic customer base, primarily in the construction segment. As a result, sales volume for the quarter totaled 37 thousand metric tons, representing a 10% decrease in relation to 3Q25. Exports from the segment declined 21% during the period. Net revenue for the business totaled R$ 358 million in 3Q26, representing a 7% decline compared to 3Q25. Compared with the same period last year, the result reflected lower sales volume and the effects of the appreciation of the Brazilian real against the U.S. dollar, although these were partially offset by domestic market price increases and density mix. ∆ ∆ ∆ 3Q26/2Q26 3Q26/3Q25 9M26/9M25 Corrugated Boxes 245 239 250 3% -2% 710 701 1% Industrial Bags 37 34 41 9% -10% 104 111 -6% Packaging 283 273 291 4% -3% 814 813 0% Revenue (R$ million) Corrugated Boxes 1,651 1,586 1,637 4% 1% 4,724 4,509 5% Industrial Bags 358 328 384 9% -7% 994 1,065 -7% Packaging 2,009 1,915 2,021 5% -1% 5,718 5,574 3% Net Price (R$/ton) Corrugated Boxes 6,730 6,647 6,554 1% 3% 6,657 6,427 4% Industrial Bags 9,616 9,616 9,320 0% 3% 9,552 9,585 0% Packaging 7,110 7,018 6,946 1% 2% 7,027 6,859 2% Volume (millions m²) Corrugated Boxes 438 428 456 2% -4% 1,274 1,279 0% Volume (in millions of units) Industrial Bags 275 255 299 8% -8% 771 806 -4% DM: Domestic Market EM: Export Market 3Q252Q26Volume (metric tons) 3Q26 9M26 9M25
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14/43 Earnings Release 3Q26 Economic and Financial Performance Net Revenue Consolidated net revenue totaled R$ 5.6 billion in 3Q26, a 3% increase compared to 3Q25. Revenue performance was driven primarily by higher prices, in U.S. dollars, for short -fiber pulp and paper, as well as by the impact of the sales mix across business segments and regions . These factors were partially offset by a stronger Brazilian real against the U.S. dollar during the period. ∆ ∆ ∆ 3Q26/2Q26 3Q26/3Q25 9M26/9M25 Wood 184 145 157 27% 17% 501 466 8% Pulp 1,512 1,446 1,425 5% 6% 4,367 4,390 -1% Short Fiber 922 861 848 7% 9% 2,669 2,553 5% Long Fiber/Fluff 590 585 578 1% 2% 1,698 1,837 -8% Paper 1,887 1,714 1,815 10% 4% 5,290 5,100 4% Coated Board 1,306 1,183 1,191 10% 10% 3,591 3,367 7% Containerboard¹ 581 531 624 9% -7% 1,699 1,733 -2% Packaging 2,009 1,915 2,021 5% -1% 5,718 5,574 3% Corrugated Boxes 1,651 1,586 1,637 4% 1% 4,724 4,509 5% Industrial Bags 358 328 384 9% -7% 994 1,065 -7% Other² (25) (69) 8 63% n/a (214) 2 n/a Total Net Revenue 5,566 5,151 5,426 8% 3% 15,663 15,532 1% Net Revenue (R$ million) 3Q26 2Q26 3Q25 9M26 9M25 ² Includes by-product sales and hedge accounting ¹ Includes Kraftliner, White Top Liner, Recycled, Eukaliner®, Eukaliner® White and other containerboard grades 28% 37% 35% Pulp Packaging Paper² Net Revenue² (R$ million) Net Revenue by Product¹ 3Q26 ¹Excludes Wood and others ²Includes Kraftliner, White Top Liner, Recycled, Eukaliner®, Eukaliner® White and other containerboard grades 65% 35% 3Q25 64% 36% 3Q26 5,426 5,566 +3% Domestic Market Foreign Market
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15/43 Earnings Release 3Q26 Total Cash Cost ∆ ∆ ∆ 3Q26/2Q26 3Q26/3Q25 9M26/9M25 Cost of Goods Sold (COGS) (2,875) (2,578) (2,635) 11% 9% (8,170) (7,341) 11% Variable Costs (1,918) (1,718) (1,738) 12% 10% (5,372) (4,788) 12% Labor and Third Parties (687) (649) (656) 6% 5% (1,975) (1,881) 5% Maintenance (269) (211) (224) 28% 20% (824) (600) 37% Other - (0) (16) n/a n/a 1 (72) n/a Sales Expenses (531) (482) (470) 10% 13% (1,452) (1,346) 8% Sales Expenses/Net Revenue (%) 9.5% 9.4% 8.7% + 0.2 p.p. + 0.9 p.p. 9.3% 8.7% + 0.6 p.p. General and Administrative Expenses (296) (274) (285) 8% 4% (853) (817) 4% Other Net Expenses (5) 74 79 n/a n/a 112 (39) n/a Total Cash Cost (3,707) (3,261) (3,311) 14% 12% (10,362) (9,544) 9% Cash Cost/t (excluding MS¹ effects) (3,451) (3,204) (3,104) 8% 11% (3,166) (3,190) -1% Cash Cost/t (including MS¹ effects) (3,483) (3,204) (3,104) 9% 12% (3,345) (3,199) 5% ¹ General maintenance shutdown costs (MS): (i) direct cost; (ii) idleness cost; and (iii) restart input cost Costs and Expenses (R$ million) 3Q26 2Q26 3Q25 9M26 9M25 474 440499 269 267278 835 757 929 954 973 991 744 740 781 5 3Q26 -72 2Q26 -75 3Q25 Fixed Cost Variable Cost Fibers General and Administrative Expenses Sales Expenses Other Net Income/Expenses 3,483 3,204 3,104 +9% 12% COGS Total Cash Cost per metric ton, including maintenance stoppage 21% 8% 16% 34% 14% 4% 3% COGS 3Q26 (R$2,701/t) 22% 7% 14% 15% 33% 5% 4% COGS 2Q26 (R$2,533/t) 22% 8% 16% 31% 4%15% 4% COGS 3Q25 (R$2,470/t) Labor and Services Maintenance Other Variables Fuel Oil Chemicals Energy Fibers
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16/43 Earnings Release 3Q26 Total cash cost per metric ton was R$ 3,483/t in 3Q26, a 12% increase compared with the same period last year, given the variations presented below. Cost of goods sold (COGS) was R$ 2,875 million, on a unit basis of R$ 2,701/t, representing an increase of 9% or R$ 231/t vs. 3Q25, mainly explained by: (i) Fibers: increase of 23% or R$ 172/t. The variation is mainly due to: a. Additional operating costs incurred during the quarter to mitigate the effects of El Niño, reflecting the strategy of building safety inventories and strengthening of logistics operations, particularly road construction , in preparation for adverse impacts on operations in the fourth quarter (R$ 111/t); b. Increase in logistics and operating costs due to the greater geographic dispersion of operations, increasing transportation, support, and operational ramp -up expenses (R$ 43/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$ 18/t). (ii) Fixed cost: increase of 6% or R$ 41/t, explained mainly by higher maintenance expenses related to Otacílio Costa's scheduled maintenance stoppage (R$ 32/t). Other fixed costs, including personnel and services expenses, increased by 1.2% (R$9/t), reflecting disciplined cost management and growth below inflation during the period (4,58%); and (iii) Industrial variable cost: increased by 2%, or R$ 18/t, with the main increases coming from: (i) chemicals, which added R$ 36/t, primarily because of higher input prices amid ongoing geopolitical conflicts, particularly sulfur (+157%) and aluminum sulfate (+66%); and (ii) fuels, which added R$ 19/t, particularly BPF fuel oil, for the reason noted above. This effect was partially offset by lower forestry operating costs, given the reduction in wood sold to third parties during the period. General and administrative expenses totaled R$ 278/t, an increase of 4% or R$ 11/t compared with 3Q25, mainly due to the concentration of IT services expenses, as a result of the scheduling of expenses. Selling expenses were R$ 499/t, an increase of 13% or R$ 58/t compared to 3Q25, mainly reflecting higher freight costs amid pressures arising from ongoing geopolitical conflicts, which increased costs through higher bunker and domestic freight rates, and the increase in volume sold to the export market. In addition, the quarter was also pressured by higher port expenses amid an increase in export volume. These effects were partially offset by the appreciation of the Brazilian real against the U.S. dollar and the renegotiation of the container contract in effect since April 2026. The balance of Other net income/expenses in 3Q26 was negative at R$ 5/t, compared to the positive effect of R$ 75/t in 3Q25, resulting from the sale of land during that period. In a quarter marked by the continuation of ongoing geopolitical conflicts and their effects on global markets, Klabin faced pressure on the costs of inputs, especially chemicals and fuels, resulting in an impact of R$ 70 million, comprising R$ 65 million in variable costs and R$ 5 million in freight. To address these pressures, the Company acted on multiple fronts to mitigate the impact, focusing on efficiency gains and variable cost management, which resulted in a R$ 13 million reduction in variable costs in the period , mainly through input price negotiations.
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17/43 Earnings Release 3Q26 Year to date, total cash cost per metric ton, including maintenance stoppages, is R$ 3,345/t, in line with the top of the guidance, as disclosed in a Material Fact notice dated December 9, 2025, detailed below. 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. The cash cost of pulp production for the quarter was R$ 1,529 per metric ton, up 13% from 3Q25 (R$ 206/t). The main variances were: (i) Fibers: increase of R$ 173/t. The variation is mainly due to: a. Additional operating costs to mitigate the impacts of El Niño recorded during the quarter, reflecting the strategy of building safety inventories and strengthening of logistics operations, particularly the opening of roads in anticipation of adverse effects on operations in the fourth quarter (R$ 138/t); b. Increase in forestry logistics costs driven by higher diesel prices, reflecting input cost pressures resulting from the geopolitical conflicts ongoing during the period (R$ 21/t); and c. Increase in logistics and operating c osts due to the greater geographic dispersion of operations, increasing transportation, support, and operational ramp-up expenses. These effects were partially offset by a reduction in specific wood consumption at the mills (R$ 13/t). 935 853 762 281 227 254 161 186 128 69 237 217 208 -154 -151 -88 3Q26 65 2Q26 61 3Q25 Fixed Cost (Labor/Services/Materials) Other Variables Fuel Oil Chemicals Wood Energy R$ 1,397/t R$ 1,324/t R$ 1,529/t -9% 13% US$ 276/t US$ 243/t US$ 298/t Total cash cost per ton, including scheduled maintenance shutdowns. 3.2 - 3.3 R$ thousand/ton 2026
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18/43 Earnings Release 3Q26 (ii) Fuel: increase of R$ 33/t, mainly due to a 15% increase in the unit price of heavy fuel oil, as well as increased consumption of the inputs in operations. (iii) Chemicals: increase of R$ 27/t, primarily driven by higher sulfur (+157%) and aluminum sulfate (+66%) prices amid geopolitical conflicts. (iv) Energy: increase in revenue from energy sales by R$ 66/t, due to a higher spot energy price (PLD) during the period.
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19/43 Earnings Release 3Q26 Adjusted EBITDA Adjusted EBITDA totaled R$ 1.9 billion in the third quarter of 2026, down 12% from 3Q25, primarily explained by: (i) effects on COGS discussed throughout the document ; (ii) the negative impact of the appreciation of the Brazilian real against the U.S. dollar, as the Brazilian real appreciated by 5.7% during the period; and (iii) reduction in the ‘Other Income (Expenses), net’ line item, due to the absence of land sale transactions during the period. These effects were partially offset by the performance across all segments, reflecting higher prices and sales volumes. ∆ ∆ ∆ 3Q26/2Q26 3Q26/3Q25 9M26/9M25 Net Income (loss) 393 387 478 2% -18% 283 1,510 -81% (+) Income Taxes and Social Contribution 169 127 211 33% -20% 33 668 n/a (+) Net Financial Results 337 523 670 -36% -50% 1,429 1,394 3% (+) Depreciation, Exhaustion and Amortization 1,138 1,159 1,321 -2% -14% 3,460 3,746 -8% Adjustments According to CVM Resolution 156/22 art. 4º (+) Variation of Fair Value of Biological Assets (178) (305) (563) 42% 68% 99 (1,328) n/a (+) Cash Flow Hedge Accounting Effect (3) 72 1 n/a n/a 186 28 n/a (+) Equity Income (0) (0) (0) -6% -14% (3) (1) n/a Adjusted EBITDA 1,856 1,962 2,117 -5% -12% 5,487 6,017 -9% Adjusted EBITDA Margin 33% 38% 39% - 5 p.p. - 6 p.p. 35% 39% - 4 p.p. Cash Generation (Adjusted EBITDA - Maintenance Capex) 1,133 1,330 1,591 -15% -29% 3,318 4,401 -25% Cash Generation/t¹ (R$/t) 1,064 1,306 1,492 -19% -29% 1,071 1,475 -27% 9M26 9M25R$ million 3Q26 2Q26 3Q25 1 Sales volume excludes wood Adjusted EBITDA Evolution R$ million 236 3Q25 Price/Mix Volume Foreign Exchange Variation COGS 96 SG&A and Other Net Expenses 3Q26 1,856 2,117 178 8 114 -261 (-12%) Average US$ 5.45 5.14 Average US$ Pulp Paper Packaging Pulp Paper Packaging
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20/43 Earnings Release 3Q26 Accordingly, cash generation per metric ton, measured by Adjusted EBITDA net of maintenance CAPEX in relation to the volume sold, was R$ 1,064/t in 3Q26, down 29% from 3Q25. This reduction is explained by the decline in operating result, as previously described, and by higher CAPEX, due to the modernization of the recovery boiler at the Monte Alegre unit. The Adjusted EBITDA of the pulp segment totaled R$ 712 million, in line with 3Q25, demonstrating the consistency of the segment’s results and primarily reflecting the performance of short fiber pulp prices, in both Brazilian real and U.S. dollar, despite cost pressures associated with preparations to mitigate the impacts of El Niño and increases in the prices of inputs and chemicals, reflecting the ongoing geopolitical conflicts during the period, as previously detailed. Adjusted EBITDA Evolution R$ million 227 2Q26 101 Price/Mix 89 Volume Foreign Exchange Variation COGS 101 SG&A and Other Net Expenses 3Q26 1,962 1,856 33 -106 (-5%) Average US$ 5.05 5.14 Average US$ Pulp Paper Packaging Pulp Paper Packaging
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21/43 Earnings Release 3Q26 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 3Q26 at R$ 13.1 billion, stable in relation to the final balance of 2Q26, reflecting: (i) Increase of R$ 688 million related to operations involving planting and the purchase of standing forest; and (ii) Reduction of R$ 640 million in Depletion of the forestry base, due to the volume harvested and timber sales volume in 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$ 47 million. Klabin continues to make consistent progress on its forestry research and development agenda and in the management practices related to new species, reinforcing the competitiveness and resilience of its forest base. ∆ ∆ ∆ 3Q26/2Q26 3Q26/3Q25 9M26/9M25 Opening Balance 12,900 12,839 12,876 0% 0% 13,242 12,887 3% Planting and Purchase of Standing Forest 688 433 617 59% 11% 1,992 1,171 n/a Exhaustion (640) (678) (925) 6% 31% (2,040) (2,254) 10% Historical Cost (508) (512) (486) 1% -5% (1,528) (1,135) -35% Fair Value Adjustment (131) (166) (439) 21% 70% (511) (1,119) 54% Fair Value Variation 178 305 563 -42% -68% (68) 1,328 n/a Price 170 128 204 33% -17% 292 453 -36% Growth² 7 177 359 -96% -98% (360) 875 n/a Final Balance 13,127 12,900 13,132 2% 0% 13,127 13,132 0% ² In addition to the effect of forest growth due to the proximity of harvest, this line item reflects adjustments arising from changes in the assumptions used to determine the fair value of biological assets, such as revisions to the harvesting plan, productivity tables, changes in the discount rate, changes in administrative costs, among others. Changes in these assumptions may result in either positive or negative impacts on the measurement of the fair value of biological assets in each reporting period. 9M25Biological Assets¹ (R$ million) 3Q26 2Q26 3Q25 9M26 ¹ With the aim of enhancing the presentation of consolidated information on biological assets, the Company reclassified values between exhaustion and planting. Starting in 2Q25, historical data was adjusted to ensure greater clarity and comparability.
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22/43 Earnings Release 3Q26 Financial Result Financial income totaled R$ 277 million in 3Q26, an increase of R$ 68 million compared to 2Q26, mainly explained by the positive impact on revenues from financial investments, with greater allocation in the local market. Financial expenses totaled R$ 606 million in 3Q26, a decrease of R$ 113 million compared to 2Q26, primarily due to the effects of the decline in the IPCA during the period ( 1.42% in 2Q26 versus 0.57% in 3Q26) on contracts indexed to the IPCA. The foreign exchange variation resulted in a negative effect of R$ 8 million in 3Q26. For more detailed information, please access the quarterly information for the year (link). Net Income In 3Q26, Klabin reported net income of R$ 393 million vs. R$ 478 million in 3Q25. The variation mainly reflects: (i) Adjusted EBITDA: a decline of R$ 262 million during the period, as explained in detail within this document; (ii) Variation in the fair value of biological assets: a purely accounting positive effect, of R$ 178 million, discussed in the corresponding section; (iii) Financial result: positive effect of R$ 333 million, reflecting lower financial expenses, mainly explained by the positive impact from the settlement of ZCC transactions and lower IPCA inflation in 3Q26 compared to 3Q25; and (iv) Income tax and social contribution: positive effect of R$ 42 million, reflecting the decline of 18% in earnings before income tax during the period. ∆ ∆ ∆ 3Q26/2Q26 3Q26/3Q25 9M26/9M25 Financial Revenues 277 209 249 32% 11% 729 613 19% Financial Expenses (606) (718) (808) -16% -25% (2,122) (2,089) 2% Foreign Exchange Variation (8) (14) (111) -44% n/a (36) 82 n/a Financial Result (337) (523) (670) -36% -50% (1,429) (1,394) 3% 9M26 9M25R$ million 3Q26 2Q26 3Q25
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23/43 Earnings Release 3Q26 Investments (CAPEX) In the first nine months of 2026 (9M26), Klabin invested R$ 2,250 million in its operations, 24% above the amount reported in the same period of 2025 (9M25). Of the total amount invested, R$ 846 million was allocated mostly to silviculture, representing a 32% increase compared with the same period in 2025, due to the higher planting volume. Additionally, R$ 827 million was allocated to support the continued operation of the mills, an increase of 30% in relation to 2025 due to the scheduling of expenditures. The amount invested in special projects (R$ 66 million) showed a 64% reduction compared with the same period of the previous year due to higher investments in the Figueira Project throughout 2025. Furthermore, the Company invested R$ 511 million during the period in the modernization of the recovery boiler at the Monte Alegre unit. Finally, the Company has a formal guidance for future investments (CAPEX), disclosed in the Material Fact notice released on December 9th, 2025, as detailed below. ∆ ∆ ∆ 3Q26/2Q26 3Q26/3Q25 9M26/9M25 Silviculture / Purchase of Standing Wood 293 266 217 10% 35% 846 643 32% Operational Continuity 340 202 199 68% 71% 827 637 30% Special Projects 18 23 23 -22% -22% 66 182 -64% Monte Alegre Modernization 103 165 115 -37% -10% 511 346 48% Total 754 657 554 15% 36% 2,250 1,808 24% 9M26 9M25R$ million 3Q26 2Q26 3Q25 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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24/43 Earnings Release 3Q26 Free Cash Flow Free Cash Flow ended the third quarter of 2026 with cash generation of R$ 73 million. The main impacts are: (i) CAPEX (R$ 754 million): expenditures are broken down in the respective section; (ii) Interest paid/received (R$ 374 million): as a result of the semi-annual interest payments for the period; and (iii) Working capital variation (R$ 180 million): mainly reflecting the strategy of building safety inventories of wood to mitigate the impacts of El Niño in the fourth quarter of the year. In addition, the payment of dividends totaling R$ 278 million also impacted Free Cash Flow in the quarter. In 3Q26, 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 of debt 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 was R$ 40 million in the last twelve months ended 3Q26. The reported variation is primarily explained by the higher CAPEX disbursement, reflecting investments in the Monte Alegre boiler and the scheduling of expenditures, as well as working capital effects mainly due to higher inventories of wood and logs amid initiatives to prepare for the El Niño. LTM LTM 3Q26 3Q25 Adjusted EBITDA 1,856 1,962 2,117 7,318 7,840 (-) Capex (754) (657) (554) (3,274) (2,601) (-) Lease contracts - IFRS 16 (89) (86) (75) (331) (354) (-) Interest Paid/Received (374) (641) (241) (2,077) (1,989) (-) Income Tax (70) (50) (33) (285) (267) (+/-) Working Capital Variation (180) (358) (220) (1,244) 224 (-) Dividends & IOC (278) (278) (306) (1,152) (1,322) (-) SPVs and SPCs¹ dividends (26) (142) (11) (242) (228) (+/-) Others (11) 13 22 75 49 Free Cash Flow 73 (236) 699 (1,211) 1,352 Dividends & IOC 278 278 306 1,152 1,322 Puma II Project - - - - 69 Special Projects and Growth 17 23 27 99 308 Adjusted Free Cash Flow² 368 65 1,033 40 3,051 Adjusted FCF Yield³ 1.6% 0.3% 4.3% 0.2% 12.6% R$ million 3Q26 2Q26 3Q25 ¹ SPVs (Special Purpose Vehicles) and SCPs (Silent Partnerships). ² Excluding dividends and special projects and growth. The LTM 3Q25 figure includes R$69 million related to the Puma II Project. ³ Yield - Adjusted FCF per unit (excluding treasury stock) divided by the average price of the Units in the LTM (Last Twelve Months).
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25/43 Earnings Release 3Q26 Return on Invested Capital (ROIC) Klabin’s consolidated return, measured by the Return on Invested Capital (ROIC) metric, was 7.8% in 3Q26, down 3.6 p.p. compared with the same period last year, mainly impacted by: (i) higher maintenance CAPEX disbursement, resulting from the scheduling of investments and the contributions made to the modernization of the Monte Alegr e unit; (ii) an increase in average invested capital during the period, explained by the significant inflow of funds recorded throughout 2025, associated with receipts related to the Plateau Project and Real Estate SPVs; and (iii) lower operating cash gene ration during the period. Compared sequentially with 2Q26, ROIC decreased by 1.2 p.p. Total Asset 63,505 62,932 59,841 (-) Total Liability (ex-debt) (12,850) (12,528) (10,920) (-) Construction in Progress (2,220) (1,995) (1,762) Invested Capital 48,434 48,410 47,158 (-) Accounting Adjustments² (3,020) (3,145) (3,324) Adjusted Invested Capital 45,415 45,264 43,834 Adjusted EBITDA 7,318 7,579 7,840 (-) Maintenance Capex3 (3,483) (3,271) (2,572) (-) Income Tax (cash) (285) (249) (267) Adjusted Operating Cash Flow 3,549 4,059 5,002 ROIC4 7.8% 9.0% 11.4% 1 Average Balance of the last 4 quarters (Last Twelve Months). ROIC (R$ million) - LTM¹ 3Q26 2Q26 3Q25 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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26/43 Earnings Release 3Q26 Debt and Cash Position As of September 30 th, 2026, gross debt was R$ 33.5 billion, a reduction of R$ 688 million compared to 2Q26. This reduction is explained primarily by the positive R$ 0.8 billion impact of the mark -to-market valuation of derivative instruments (swaps), regular debt amortizations, and the payment of interest during the period. These effects were partially offset by the accrual of interest during the quarter. The Company's average debt maturity term ended 3Q26 at 82 months (6.8 years), with 98 months for debts in local currency and 78 months for those in foreign currency. The average cost of Klabin's debt in foreign currency, its main source of credit, ended 3Q26 at USD + 5.2% p.a., representing an increase of 0.1 p.p. in relation to the previous quarter, explained by the increase in SOFR during the period, and a reduction of 0.1 p.p. year over year. Short Term Local Currency 318 1% 300 1% Foreign Currency 2,631 8% 1,926 6% Total Short Term 2,950 9% 2,225 7% Long Term Local Currency 5,279 16% 5,428 16% Foreign Currency 25,224 75% 26,488 78% Total Long Term 30,503 91% 31,916 93% Total Local Currency 5,598 17% 5,727 17% Total Foreign Currency 27,856 83% 28,414 83% Gross Debt 33,453 34,141 (-) Cash & Marketable Securities 9,476 10,109 Net Debt 23,977 24,032 Net Debt / EBITDA (LTM) - US$ 3.3 x 3.2 x Net Debt / EBITDA (LTM) - R$ 3.3 x 3.2 x Debt¹ (R$ million) 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) Sep-26 Prop. % Jun-26 Prop. % Average Maturity / Cost of Debt¹ 3Q26 2Q26 3Q25 Local Currency Cost 11.7% p.y. 12.1% p.y. 12.6% p.y. Foreign Currency Cost 5.2% p.y. 5.1% p.y. 5.3% p.y. Average maturity 82 months 84 months 86 months ¹ Accounting cost
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27/43 Earnings Release 3Q26 Cash and cash equivalents & marketable securities (“cash”) totaled R$ 9.5 billion at the end of 3Q26. Compared with the previous quarter, the cash balance declined by R$ 633 million, mainly reflecting customary amortizations (R$ 453 million) and expenditures related to the buyback program (R$ 127 million). In addition, the dissolution of the SCPs, due to the settlement of the partners’ interests, including the return of invested capital and accumulated earnings, impacted the period by R$ 156 million. The Net Debt/Adjusted EBITDA ratio measured in U.S. dollars, which better reflects Klabin’s financial leverage profile, ended 3Q26 at 3.3x, an increase of 0.1x compared to 2Q26 and a decrease of 0.3x compared to 3Q25. Financial leverage in Brazilian reais, in turn, ended the period at 3.3x, an increase of 0.1x compared with 2Q26 and in line with the same period last year. 23% 77% SOFR Fixed USD 94% IPCA CDI 2% Others 4% Debt in Local Currency1 R$ 27,856 million Debt in Local Currency1 Total Cash & Marketable Securities R$ 5,598 million ¹Includes swaps and fair value mark-to-market of these instruments 77% 23% BRL USD 77% 23% BRL USD R$ 9,476 million 10.109 9.476 jun-26 73 Fluxo de Caixa Livre 453 Amortiza es 8 Varia o Cambial Caixa 156 Dissolu o SCPs 127 Recompra de A es 38 Outros set-26 -633 Free Cash Flow Evolution of Cash and Cash Equivalents & Marketable Securities Balance 3Q26 R$ million Amortization Foreign Exchange Variations on Cash SCP Dissolution Share Buyback Program Others Sep-26 9,47610,109
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28/43 Earnings Release 3Q26 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 fl ow 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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29/43 Earnings Release 3Q26 Derivative Financial Instruments Klabin holds derivative financial instruments exclusively for hedging purposes. On September 30th, 2026, the Company had an outstanding notional amount of US$ 2.3 billion in foreign exchange derivative contracts and R$ 9.1 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$ 1.8 billion 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 fo reign exchange and interest rates. At the end of September 2026, the Company had an outstanding notional value of US$ 1.9 billion in foreign exchange derivative contracts (swaps) and R$ 9.1 billion in interest rate derivative contracts as per the tables below. Foreign Exchange Swaps Interest Rate Swaps 3Q26 2Q26 3Q26 2Q26 Cash flow (Zero Cost Collars) 461 504 250 275 Debt (Foreign Exchange Swaps) 1,879 1,879 931 414 Total 2,340 2,383 1,181 689 Debt Hedging Notional (US$ million) Fair Value (R$ million) 3Q26 2Q26 3Q26 2Q26 Debt (Interest Swaps) 9,105 8,836 609 304 Debt Hedging Notional (R$ million) Fair Value (R$ million) Sep/26 Jun/26 Sep/26 Jun/26 Debenture 114.65% CDI USD + 5.40% 03/20/2019 03/19/2029 USD 266 266 (333) (321) CRA IV IPCA + 4.51% USD + 3.82% 12/08/2022 03/15/2029 USD 189 189 205 158 CRA Continued IPCA + 3.50% USD + 2.45% 09/01/2022 06/15/2029 USD 230 230 226 169 CRA VI IPCA + 6.77% USD + 5.20% 07/15/2022 04/15/2034 USD 467 467 598 376 CCB Rural 100% CDI USD + 5.13% 04/04/2025 04/04/2030 USD 351 351 309 216 PPEs USD + 5.00% 93% CDI 19/12/2025 19/12/2028 USD 125 125 (104) (101) 2nd CPR-F Issuance IPCA + 6.8215% USD + 5.125% 04/28/2026 04/15/2036 USD 144 144 19 (45) 2nd CPR-F Issuance IPCA + 6.8662% USD + 5.32% 04/28/2026 04/15/2038 USD 107 107 12 (38) Total 1,879 1,879 931 414 Debt Hedging Original Interest Swap Interest Fair Value (R$ million)Closing Maturity Currency Notional Value (US$ million) Sep/26 Jun/26 Sep/26 Jun/26 BNDES IPCA + 3.58% 74.91% CDI 10/26/2023 11/16/2039 BRL 2,342 2,275 155 82 Debenture IPCA + 6.05% 99.48% CDI 08/15/2024 08/15/2039 BRL 1,480 1,424 (24) (117) CCB Rural Pre 14.26% 100% CDI 04/04/2025 04/04/2030 BRL 2,479 2,379 344 315 CPR IPCA + 7.16% 93,86% CDI 15/08/2025 08/15/2035 BRL 1,250 1,204 70 10 PPE SOFR+ 1.41% USD+ 4.98% 04/23/2025 04/23/2032 USD 1,554 1,553 63 15 Total 9,105 8,836 609 304 Fair Value (R$ million)Debt Hedging Original Interest Swap Interest Closing Maturity Currency Notional Value (R$ million)
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30/43 Earnings Release 3Q26 Foreign Exchange Hedge As previously detailed, Klabin has a cash flow foreign exchange hedge policy. As of September 30th, 2026, the outstanding value (notional value) of the ZCC (Zero-Cost Collar) operations related to Cash Flow was US$ 461 million, with maturities distributed between October 2026 and September 2028. The mark -to- market (fair value) of these operations amounted to a positive R$ 250 million at the end of the quarter. During 3Q26, Ca sh Flow Currency Hedge operations generated a positive result of R$ 94 million, as detailed in the table below. In 9M26, the positive result from these transactions totaled R$ 185 million. Zero Cost Collars (ZCC): Accomplished Exchange Closing 3Q261 Sensitivity to R$0.10/US$ variation2 3Q26 - - - 94 - - 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 - 61 8 4Q27 5.92 6.72 61 - 45 6 1Q28 5.68 6.48 59 - 29 6 2Q28 5.62 6.43 49 - 22 5 3Q28 5.64 6.45 52 0 24 5 Total 5.97 6.77 461 94 362 46 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 3Q26: 5,1809 R$/US$ Cash Adjustment (R$ million) Term Put (Average) Call (Average) Notional Value (US$ millions)
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31/43 Earnings Release 3Q26 Capital Markets Variable Income Klabin's units, traded under the KLBN11 ticker (1 common share + 4 preferred shares), recorded an appreciation of 8.2% in the third quarter of 2026 and 1.4% in the 12-month period ended September 30th, 2026, ending the period at R$ 18.11/unit. These prices reflect the impact of the stock bonus approved at the Board of Directors meeting held on December 8th, 2025 and implemented on December 22nd, 2025. The Ibovespa index appreciated 8.3% in 3Q26 and 27.4% over the last 12 months. Klabin's units, traded in all B3 sessions, reached about 328 million transactions in 3Q26. In terms of financial volume, the average daily liquidity was R$ 91 million in the qu arter and R$ 100 million in the last 12 months. The maximum price reached throughout the quarter was R$ 19.63/unit on September 17 th, 2026, while the minimum price was R$ 16.92/unit on July 1st, 2026. 1 27 KLBN11 x Ibovespa Klabin IBO ESPA Sep/25 May/26Apr/26Mar/26Feb/26Oct/25 Nov/25 Dec/25 Jan/26 Jun/26 Jul/26 Sep/26Aug/26 96 97 90 123 100 139 89 107 98 88 74 100 101 0 50 100 150 200 250 300 Sep/25 Oct/25 Nov/25 Dec/25 Jan/26 Feb/26 Mar/26 Apr/26 May/26 Jun/26 Jul/26 Aug/26 Sep/26 Average Daily Trading olume - KLBN11 (R$ Million)
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32/43 Earnings Release 3Q26 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. Through September of this year, 7,243,700 Units had been repurchased, equivalent to 23% of the total planned under the announced program, which represents R$ 127 million, according to information disclosed by the Company pursuant to CVM Instruction No. 44. 15% 53% 32% Institutional Investors Local Institutional Investors Foreign Individual Investors 53% 47% Foreing Local Free Float¹ Distribution 09/30/2026 09/30/2023 Execution of the Share Buyback Program 3Q26 Number of shares (#units) 7,243,700 Average Price (R$/unit) R$ 17.55 Total Amount (R$ million) R$ 127 % of the program 23.2%
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33/43 Earnings Release 3Q26 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. i Notes Klabin 2029 LTM Income (%) 4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0 6.590 i Notes Klabin 2031 LTM Income (%) i Notes Klabin 2049 LTM Income (%) 4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0 7.560 4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0 6.370 jun/26dec/25sep/25 mar/26 sep/26 jun/26dec/25sep/25 mar/26 sep/26 jun/26dec/25sep/25 mar/26 sep/26
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34/43 Earnings Release 3Q26 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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35/43 Earnings Release 3Q26 Shareholder Remuneration We present below the cash view of the dividends distributed by the Company in the last 12 months ended September 30th, 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 third quarter of 2026, the Company distributed, on the 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 September 30 th, 2026, the dividends paid totaled R$ 1.152 billion, equivalent to a dividend yield of 5.2%. 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 th, 2025, the Company approved the distribution of interim dividends totaling R$ 1 .112 billion, based on the financial statements as of September 30 th, 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 27th, 2026, May 20th, 2026, August 19 th, 2026, and November 12 th, 2026, without interest or monetary restatement. Click here to access the document. 5.3% 5.2% 0.0% 6.0% 0 200 400 600 800 1,000 1,200 Dividend Yield (%)¹ 1,215 1,152 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)
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36/43 Earnings Release 3Q26 Events After the Reporting Period Amendments to debt agreements On October 15 th, 2026, the Company published a Notice to the Market informing about amendments to the financial instruments associated with the implementation of the Puma II Project, consisting of a loan from Inter-American Development Bank Invest (IDB Invest), Internati onal Finance Corporation (IFC) and Japan International Cooperation Agency (JICA) (A Loan), and from commercial banks (B Loan), resulting in the extension of maturities from 2032 to 2034 (A -Loan) and from 2029 to 2033 (B -Loan). More details on the conditions of each of the series are available in the aforementioned document.
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37/43 Earnings Release 3Q26 Conference Call Portuguese Thursday, October 29th, 2026 Time: 11:00 a.m. (Brasília) Access via Zoom: click here English (simultaneous translation) Thursday, October 29th, 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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38/43 Earnings Release 3Q26 Annex 1 - Consolidated Income Statement¹ ¹ The Operating Result before Financial Expenses is already net of the effects of the equity equivalence. ∆ ∆ ∆ 3Q26/2Q26 3Q26/3Q25 9M26/9M25 Gross Revenue 6,553,605 6,167,870 6,238,529 6% 5% 18,663,948 17,869,769 4% Discounts and Rebates (990,232) (945,004) (810,689) 5% 22% (2,815,121) (2,309,469) 22% Cash Flow Hedge Realization 2,627 (72,154) (1,373) n/a n/a (186,158) (28,097) n/a Net Revenue 5,566,000 5,150,712 5,426,467 8% 3% 15,662,669 15,532,203 1% Variation in the Fair Value of Biological Assets 177,614 304,959 563,149 -42% -68% (98,757) 1,327,820 n/a Cost of Products Sold (3,969,702) (3,708,402) (3,930,960) 7% 1% (11,538,705) (11,017,374) 5% Gross Profit 1,773,912 1,747,269 2,058,656 n/a -14% 4,025,207 5,842,649 -31% Selling Expenses (531,723) (486,934) (471,245) 9% 13% (1,458,928) (1,351,876) 8% General & Administrative Expenses (323,508) (291,954) (308,300) 11% 5% (915,147) (881,674) 4% Other Revenues (Expenses) (20,567) 67,365 78,913 n/a n/a 90,998 (39,029) n/a Total Operating Expenses (875,798) (711,523) (700,632) 23% 25% (2,283,077) (2,272,579) 0% Equity Equivalence 429 403 377 6% n/a 2,767 1,141 n/a Operating Income (Before Fin. Results) 898,543 1,036,149 1,358,401 -13% -34% 1,744,897 3,571,211 -51% Financial Expenses (606,227) (718,294) (807,990) -16% -25% (2,122,017) (2,089,485) 2% Liabilities Foreign Exchange Result 6,976 62,339 (75,862) -89% n/a 297,067 594,427 -50% Total Financial Expenses (599,251) (655,955) (883,852) -9% n/a (1,824,950) (1,495,058) n/a Financial Revenues 277,232 209,465 249,298 32% 11% 728,828 613,397 19% Assets Foreign Exchange Result (14,831) (76,247) (35,218) -81% -58% (333,012) (512,165) -35% Total Financial Revenues 262,401 133,218 214,080 291% 23% 395,816 101,232 291% Financial Result (336,850) (522,737) (669,772) -36% n/a (1,429,134) (1,393,826) 3% Net Income Before Taxes 561,693 513,412 688,629 9% -18% 315,763 2,177,385 -85% Income Tax and Soc. Contrib. (168,571) (126,832) (210,745) 33% -20% (33,037) (667,673) n/a Net Income (Loss) 393,122 386,580 477,884 2% -18% 282,726 1,509,712 -81% Net income (Loss) Attributable to Noncontrolling Interests 152,054 109,424 129,310 n/a n/a 294,558 187,830 57% Net Income Attributable to Klabin's Stockholders 241,068 277,156 348,574 -13% -31% (11,832) 1,321,882 n/a Depreciation/Amortization/Exhaustion 1,138,312 1,158,958 1,320,694 -2% -14% 3,459,649 3,746,261 -8% Change in Fair Value of Biological Assets (177,614) (304,959) (563,149) -42% -68% 98,757 (1,327,820) n/a Net Realization of Cash Flow Hedge (2,627) 72,154 1,373 n/a n/a 186,158 28,097 n/a Adjusted EBITDA 1,856,185 1,961,899 2,116,941 -5% -12% 5,486,694 6,016,608 -9% 9M25 (R$ thousands) 3Q26 2Q26 3Q25 9M26
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39/43 Earnings Release 3Q26 Annex 2 – Consolidated Balance Sheet Current Assets 17,332,093 17,727,428 16,586,925 Current Liabilities 9,275,901 8,853,668 7,831,467 Cash and Cash Equivalents 8,727,679 9,321,549 8,959,471 Trade payables 2,376,194 2,280,951 2,383,356 Securities and Financial Assets 748,127 787,211 766,211 Forfaiting 887,362 724,505 589,219 Accounts Receivable 2,277,815 2,186,582 2,038,764 Forfaiting forestry operations 712,967 1,170,372 1,184,887 Related parties 8,568 12,266 - Lease liabilities 417,369 381,325 345,059 Inventories 4,128,367 3,975,957 3,526,594 Tax obligations 245,702 267,059 300,621 Derivative Financial Instruments 358,314 339,210 131,485 Social security and labor obligations 621,131 513,059 586,423 Income Tax and Social Contribution to Recover 468,161 476,440 558,919 Borrowings 2,994,094 2,238,821 1,845,851 Taxes to Recover 345,904 336,324 312,989 Derivative financial instruments 111,060 107,037 - Other Assets 269,158 291,889 292,492 Provision for income tax and social contribution 74,478 80,245 152,218 Dividends and/or interest on capital paid 278,000 556,000 - Other payables and provisions 557,544 534,294 443,833 Noncurrent Assets 47,120,987 45,951,158 45,576,754 Noncurrent Liabilities 38,673,496 38,851,065 39,660,617 Derivative instruments 1,815,588 1,102,935 584,317 Trade payables 386 554 17,466 Deferred income tax and social contribution 136,882 106,356 65,251 Forfaiting forestry operations 544,002 328,230 25,607 Judicial deposits 233,491 229,878 208,692 Lease liabilities 1,608,520 1,458,968 1,402,911 Income tax and social contribution to recover 226,424 221,729 207,648 Borrowings 31,999,339 32,620,929 33,980,218 Taxes to recover 149,591 169,815 172,040 Derivatives 263,182 331,781 503,673 Related parties 14,408 14,408 - Deferred income tax and social contribution 2,846,568 2,561,737 2,140,309 Trade receivables 123,858 - - Silent Partnership Companies 41,854 188,354 191,667 Other receivables 253,561 385,639 273,838 Provision for tax, social security, labor and civil contingencies 591,241 578,011 521,753 Interest in subsidiaries and joint ventures 78,839 78,410 114,775 Provision for actuarial liabilities 622,358 606,624 537,406 Other 4,482 4,482 20,819 Tax obligations 33,271 52,070 105,311 Fixed assets 28,514,363 28,465,810 28,632,625 Other payables and provisions 122,775 123,807 234,296 Biological assets 13,126,655 12,900,187 13,131,846 Stockholders´Equity 9,882,846 9,486,819 10,239,102 Right of use asset 1,931,001 1,758,890 1,684,175 Share capital 6,875,625 6,875,625 6,075,625 Intangible assets 511,844 512,619 480,728 Capital and revaluation reserves (118,469) (126,054) (163,554) Revenue reserves 2,777,662 2,777,662 3,603,843 Carrying value adjustments 568,892 294,295 (497,362) Treasury shares (209,333) (82,033) (101,855) Results for the period (11,531) (252,676) 1,322,405 Minority Interests 6,620,837 6,487,034 4,432,493 Total Asset 64,453,080 63,678,586 62,163,679 Total Liability + Equity 64,453,080 63,678,586 62,163,679 Liabilities and Equity (R$ thousands) Sep-26 Jun-26 Sep-25Assets (R$ thousands) Sep-26 Jun-26 Sep-25
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40/43 Earnings Release 3Q26 Annex 3 - Debt Amortization Schedule (as of September 30th, 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 55 252 220 220 220 201 202 214 214 208 182 543 - 2,730 CPR 32 - - - - - 288 500 - 1,168 - - - 1,989 Debentures - 11 - - - - - - - - - 1,492 - 1,504 Local Currency 87 263 220 220 220 201 490 714 214 1,376 182 2,036 - 6,222 CCB - 440 - - 1,386 - - - - - - - - 1,827 Prepayment/ECN 17 9 - - 998 247 247 725 - - - - - 2,243 Debentures - 448 444 444 - - - - - - - - - 1,337 Bonds 240 - - 3,440 - 2,590 - - - - - - 3,627 9,897 ECA and IDC/IFC/JICA 232 537 1,432 1,432 685 708 585 166 - - - - - 5,777 CRA 29 828 734 734 - - - - 2,283 - - - - 4,608 CPR-F 48 - - - - - - - - - 702 528 - 1,278 EDC 19 - - - 259 259 259 - - - - - - 796 Foreign Currency¹ 584 2,263 2,611 6,050 3,328 3,804 1,091 890 2,283 - 702 528 3,627 27,762 Cost of funding (commissions) (18) (71) (71) (85) (78) (73) (60) (42) (17) (13) (10) (8) 16 (531) Gross Debt 671 2,526 2,831 6,270 3,548 4,005 1,581 1,604 2,496 1,376 884 2,564 3,627 33,984 Gross debt net of commissions 654 2,455 2,759 6,185 3,470 3,933 1,521 1,562 2,479 1,363 874 2,556 3,643 33,453 ¹Includes swaps and the market fair value of these instruments
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41/43 Earnings Release 3Q26 490 714 584 890 702 528 2,611 2028 220 6,050 2029 220 3,328 2030 201 3,804 2031 1,091 2032 2033 214 2,283 2034 1,376 0 2035 18287 2036 2,036 2026 2037 to 2042 0 3,627 2043 to 2049 671 2,526 263 6,270 3,548 4,005 1,581 1,604 2,496 2,831 884 2,564 3,627 2,263 2027 220 1,376 Local Currency Foreign Currency Total: R$ 27,762 million 2,590 9,476 Liquidity Revolving Credit Facility Cash Position 12,066 Total: R$ 6,222 million Total Gross Debt: R$ 33,984 million
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42/43 Earnings Release 3Q26 Annex 4 - Consolidated Cash Flow Statement Profit Before Income Taxes 561,693 513,412 688,629 315,763 2,177,385 Depreciation and Amortization 596,141 581,021 584,546 1,771,705 1,692,168 Exhaustion of Biological Assets 542,171 577,937 736,148 1,687,944 2,054,093 Fair Value Variation of Biological Assets (177,614) (274,127) (563,149) 98,757 (1,327,820) Fair Value Variation of Securities and Financial Assets (26,569) 2,740 13,419 (29,011) (28,820) Interest and Monetary Variation 548,217 774,409 621,480 2,001,407 2,019,812 Exchange Rate Variation 7,855 13,908 111,080 35,945 (82,262) Transaction costs 16,845 21,094 27,974 56,583 83,041 Lease Interest 17,936 13,521 38,139 41,640 113,888 Present Value Adjustment - Forest Risk Withdrawal 41,619 49,052 39,140 136,928 92,550 Derivative Financial Instruments (138,541) (256,246) (79,763) (472,679) (648,396) Hedge Reserve Realization (2,627) 102,737 (9,036) 186,158 39,513 Income from Financial Investments (228,180) (200,036) (226,381) (656,307) (546,481) Estimated Losses from Doubtful Credit (PECLD) 2,256 10,839 16,593 13,257 9,874 Estimated Losses with Inventory 14,471 2,196 23,276 9,864 33,491 Result from Asset Disposal 8,521 (92,425) (74,345) (148,282) (74,345) Equity Equivalence (429) (403) (377) (2,767) (1,141) Provision for Legal and Administrative Processes (5,492) 3,134 234 39,390 102,963 Others 8,635 (23,374) 28,854 (8,744) 18,572 Accounts Receivable from Customers and Related Parties (158,602) 94,817 (271,420) 14,139 (415,522) Inventories (34,921) (105,604) 422,950 19,049 150,780 Taxes to Recover (1,769) (53,230) 185,541 (29,619) 205,109 Other Assets 72,361 7,422 (125,541) 136,516 (212,369) Suppliers 718,275 46,057 (540,475) 86,141 (196,399) Suppliers Drawn-out Risk and Forest-drawn Risk (1,073,318) (38,454) 166,560 (955,960) 280,153 Tax Obligations (9,270) (59,446) (28,713) (45,854) (50,961) Social Security and Labor Obligations 108,072 111,929 112,101 64,880 59,087 Other Liabilities (75,859) (206,574) 8,857 (25,294) 129,791 Cash Generated from Operations 1,331,877 1,616,306 1,906,321 4,341,549 5,677,754 Income Tax and Social Contribution Paid (69,960) (49,960) (33,305) (179,106) (137,830) Net Cash (Used in) Generated by Operating Activities 1,261,917 1,566,346 1,873,016 4,162,443 5,539,924 Purchases of Property, Plant and Equipment (Capex) (461,023) (390,501) (796,730) (1,403,516) (1,624,648) Purchases of Planting and Purchases of Standing Wood (Capex) (292,864) (266,096) 180,863 (846,138) (323,541) Securities and Financial Assets 293,833 199,995 227,255 722,560 603,127 Proceeds from Asset Disposal 1,754 75 22,336 2,903 28,880 Dividends Received from Subsidiaries 3,290 2,907 2,039 8,747 8,185 Net Cash from Investment Activities (455,010) (453,620) (364,237) (1,515,444) (1,307,997) Borrowing of Loans and Financing (210) 1,692,962 2,048,165 1,692,752 5,741,640 Repayment of Loans, Financing, and Debentures (453,067) (306,979) (1,689,116) (2,412,562) (6,239,480) Payment of Interest on Loans, Financing, and Debentures (340,195) (585,258) (373,012) (1,365,441) (1,542,113) Payment of Lease Liabilities (173,518) (163,262) (113,296) (480,967) (370,719) Sale of Treasury Stock - - - 36,934 33,050 Share Buyback Program (127,233) - - (127,233) - Payment of derivative transactions 9,921 (28,500) (46,455) (64,267) (524,799) Capital Increase in Subsidiaries by Non-controlling Shareholders - - 600,000 - 2,065,398 Dividends Paid to JVs and SPVs (30,463) (143,756) (13,265) (182,477) (97,718) Dividends Paid & IOC Paid (278,000) (278,000) (306,425) (834,000) (862,381) Net Cash from Financing Activities (1,392,765) 187,207 106,596 (3,737,261) (1,797,122) Increase (Decrease) in Cash and Cash Equivalents (585,858) 1,299,933 1,615,375 (1,090,262) 2,434,805 Effect of Exchange Rate Variation on Cash and Cash Equivalents (8,012) (73,536) 41,847 (288,075) (211,505) Increase (Decrease) in Cash and Cash Equivalents with Cash Acquired (593,870) 1,226,397 1,657,222 (1,378,337) 2,223,300 Opening Balance of Cash and Cash Equivalents 9,321,549 8,095,152 7,302,249 10,106,016 6,736,171 Closing Balance of Cash and Cash Equivalents 8,727,679 9,321,549 8,959,471 8,727,679 8,959,471 R$ thousand 3Q26 3Q25 9M26 9M252Q26
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43/43 Earnings Release 3Q26