Slides
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Institutional Presentation 4Q25
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IRANI: THE BRAZILIAN PURE PLAYER IN THE PACKAGING SECTOR LISTED ON B3’S NOVO MERCADO 8 decades of experience 60 More than environmental awards at regional and national levels 2,100 more than employees 317 produced in 2025 thousand tons of paper 170 of corrugated packaging produced in 2025 thousand sqm.BRL 1.7billion Net Revenue 2025 Sustainable Packaging (Corrugated Containerboard Packaging) RS Forestry Paper for Sustainable Packaging (Paper) 0.5%61.2% 38.3% 91% 9% Domestic Market Export Net Revenue by Segment 2025
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WE ARE READY FOR A NEW GROWTH 1941: Foundation 1977: IPO M&A 1994: Acquisition of the Company by Grupo Habitasul 1997: Entrance into packaging segment 2013: Acquisition of São Roberto Greenfield 2000: Paper Machine V and corrugated containerboard packaging facility inaugurated in SC 2008: Project Superação: Paper Machine V upgrade and transfer of Santana do Parnaíba’s facility to Indaiatuba/SP 2014: Upgrade of Paper Machine I Greenfield 2018: Simplifique Project to implement SAP S/4HANA as main ERP and long-term strategic planning 2019: Divestments totaling BRL133mn; issuance of green debentures totaling BRL505mn 2020: Re-IPO – Novo Mercado B3 Gaia Plataform 1941 – 1980’s Creation of a leading Pulp & Paper player in Brazil 1990’s – early 2010’s Expansion and leadership consolidation 2015 – 2019 Preparation for a new growth wave 2020+ New level with the Gaia Platform Production of Paper for Sustainable Packaging (‘000 tons) Net Revenues¹ (BRL mn) 83 169 251 287 294 298 314 317 2000 2008 2013 2017 2022 2023 2024 2025 107 388 604 702 1.686 1.594 1.627 1.686 2000 2008 2013 2017 2022 2023 2024 2025 2025: Closing of the operation on the resins segment ¹ 2025 revenue refer to Continued Operation.
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Sustainable Packaging (Corrugated Packaging) Paper for Sustainable Packaging (Paper) RS Forestry Net Revenues Breakdown by Market 2025 DOMESTIC EXPORT % of Net Revenue 2025 IRANI HAS A DIVERSIFIED CUSTOMER BASE, SERVING THE DOMESTIC AND EXTERNAL MARKETS 100% 84% 16% 5% 95%100% 24%76% 61,2% 38,3% 0,5% 100%
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MILLS AND FACILITIES ARE STRATEGICALLY LOCATED IN THE MAIN REGIONS OF BRAZIL, IN TERMS OF GDP AND FOREST BASE HEAD OFFICE OFFICE FOREST PAPER FOR SUSTAINABLE PACKAGING SUSTAINABLE PACKAGING Forests Land Area Focus SC | Santa Catarina 27,965 ha Pulp, market timber and energy generated from biomass RS | Rio Grande do Sul 7,783 ha Timber for market and lease for resin extraction. Total 35,748 ha Total Production 2025 Softwood Pulp Paper for Sustainable Packaging Sustainable Packaging MG | Santa Luzia - 60k tons - SP | Indaiatuba - - 82k tons SC | Vargem Bonita 100k tons - - SC | Vargem Bonita - 257k tons - SC | Vargem Bonita - - 88k tons Total 100k tons 317k tons 170k tons
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Resilient and Attractive Investment Thesis
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RESILIENT AND ATTRACTIVE INVESTMENT THESIS Active Management Focused on Implementing Key Strategic Initiatives in Order to Capture Value to the Company and its Shareholders Sizable Opportunity in a Sector With Favorable Dynamics Market Dominance Supported by Final Client- Focused Approach, Integrated Business Model, and Operational Excellence High Level Governance Practices Supported by Renowned Board Members, Solid ESG Standards and Effective Incentive Plans 1 2 3 4
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ACTIVE MANAGEMENT FOCUSED ON IMPLEMENTING KEY STRATEGIC INITIATIVES1 Initiative Results Strategic Consulting 2008 - 2018 • Consulting projects by Falconi, EY, Seta, Otima and Escola de Marketing Industrial • Projects with top tier firms focused on improving results, reducing costs, increasing productivity and mitigating risks. Simplifique Project 2018 - 2019 • Implementation of SAP S/4HANA as main ERP • Integration of all management systems aiming productivity gains, information security, cost reduction, competitiveness. Debt Restructuring 2019 - 2022 • Green Bonds Issuance totaling BRL 505 million • Agribusiness Receivables Certificates totaling BRL 720 million • FINAME (BNDES) in the amount of BRL 484 million Divestments 2019 • Raising of BRL 92 million used to roll out debt. • Sale of Vila Maria’s land for BRL 41 million. Tax Credits 2019 – 2020, 2023 • Exclusion of ICMS from the PIS/COFINS tax base • Offset of BRL 161 million against federal taxes in the last two years. • Credit of R$ 220 million in the acquisition of OCC Re-IPO 2020 • Raising BRL 405m • 43,4% free float (as of 12.30.2025). • Stock migration to the B3's Novo Mercado in Dec/2020
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RANI14 – Private Issue in 2021 8 years Total termBRL 60mm Raised for spending related to general company operations linked to specific ICMA categories and environmental benefits. CAPITAL MARKETS – OUR PRACTICES RELATED TO ESG ALLOWED THE ISSUANCE OF GREEN DEBENTURES, BEING A BACKGROUND FOR THE ISSUANCE OF CRAs 1 CRA – Public Issue in 2022: The largest operation of our history in the capital market BRL 720mm Raised for agribusiness activities, in scope of forestry and agriculture, such as costs and expenses related to afforestation, reforestation, handling and harvest of forests and others. 7 years Total term Green Bonds Verifyied by: Rating brAA Green Debentures – Private Issue in 2025 15 years Total Term BRL120mm Raised for the execution of the Gaia V Project – São Luiz PCH Repowering, which will provide increased energy generation with cost reduction. Rating AA.br
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RE-IPO: A MARK IN IRANI’S GROWTH INCREASING SHAREHOLDER BASE (K) ADTV BRL 9,3 MM SINCE THE RE-IPO RANI3 BRL 405mm raised to be invested in Gaia Platform FREE FLOAT 43,4% in 12/30/2025 1 STOCK MIGRATION COMPLETED IN DEC/20 3 3 20 26 34 35 40 39 40 38 47 52 59 66 83 82 91 92 95 93 92 94 94 88 mar-20 jun-20 sep-20 dec-20 mar-21 jun-21 sep-21 dec-21 mar-22 jun-22 sep-22 dec-22 mar-23 jun-23 sep-23 dec-23 mar-24 jun-24 Sep-24 dec-24 mar-25 jun-25 set-25 dec/25 Re-IPO 13 9 13 18 11 9 10 7 9 10 9 9 11 12 12 7 9 6 4 5 5 7 mar-20 jun-20 sep-20 dec-20 mar-21 jun-21 sep-21 dec-21 mar-22 jun-22 sep-22 dec-22 mar-23 jun-23 sep-23 dec-23 mar-24 jun-24 sep-24 dec-24 mar-25 jun-25 set-25 0 0 dez-25 Re-IPO
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WE HAVE SEVERAL PEOPLE MANAGEMENT PRACTICES TO DEVELOP ENGAGED AND HIGH PERFORMANCE TEAMS Being one of Brazil’s best companies in which to work is part of our vision; this only comes about when our employees recognize us in this manner. It follows the progress of the entire professional cycle of our employees, including the processes of attraction, engagement and monitoring of their in-company history. It seeks to strengthen employee engagement through a stimulating and motivating workplace environment. It features actions focused on empowering people by offering contemporary, face- to-face and dynamic teaching- learning opportunities. Hence, we develop high performance teams. Is part of our occupational health and safety system. It aims to ensure that working conditions are appropriate and safe for employees and service providers. Stimulated personal and professional development through a series of structured actions designed to evaluate employees based on the development of skills and achieving results. best among the companies to work in SC (2017, 2019, 2021 to 2024), RS (2017,2021 to 2024), SP (2023 and 2024) and MG (2015, 2024 and 2025) by GPTW Industry (2021 to 2024) and GPTW Brazil (2023, 2024). Top Ser Humano 2016 to 2023 and 2025 by ABRH/RS BRL 2.8 more than yearly invested in education and training million 1
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SIZABLE OPPORTUNITY IN A SECTOR WITH FAVORABLE DYNAMICS2 Corrugated Containerboard is a resilient market and is still underpenetrated in Brazil. Brazil is the 6th major Corrugated Containerboard packaging market in the world. Sources: EMPAPEL (Associação Brasileira de Embalagens em Papel) e International Corrugated Case Association – ICCA. The corrugated containerboard demand in Brazil is at its highest historical levels. This scenario has made the companies in the sector work at their maximum capacity, positively impacting the price Corrugated Containerboard Demand in Brazil (mm sqm) Corrugated containerboard production by country 2020 (bn sqm) sqm per capita 2014 2015 2016 2017 2018 2019 2020 2021 2022 6,888 6,734 6,579 7,098 7,181 7,241 7,578 7,741 7,607 78,2 37,8 14,2 10,7 9,8 7,5 6,9 6,3 5,8 5,6 6º 56 115 113 129 7 35 114 23 112 118
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SIZABLE OPPORTUNITY IN A SECTOR WITH FAVORABLE DYNAMICS2 New wave of sustainability driven by the end consumer Paper as one of the best packaging solutions Increasing share of e-commerce and tele- deliveries Shoppers want more than just quality, often looking for products and brands that align with their personal values; Corporate sustainability is in high demand: people strongly feel that companies should help improve the environment. Paper is renewable and easily recycled, also it doesn’t produce dangerous smoke during the recycling process; It is biodegradable and results in lower environmental risk when abandoned; Economic, resistant and hygienic packaging protecting consumers health. E-commerce is a sales channel increasingly used by consumers; E-commerce opens opportunities for increasing companies’ sales. Companies that embrace sustainability, such as Irani, are singularly positioned to capture growth derived from recent changes in consumer behavior CONSUMER BEHAVIOR
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ON THE OPPOSITE WAY OF THE CRISIS Paper replacement over plastic is a secular trend; Delivery and take away purchases raise the demand of sustainable packages; E-commerce revenues grew 68% in 2020 and 27% in 2021; The food sector is resilient. THE MARKET DINAMIC SUPPORTS OUR SECTOR Sources: IBGE (2025 Guidance), Empapel, Neotrust Volume of corrugated cardboard boxes and sheets versus Brazilian GDP 2005 2010 2015 2020 2025 0 110 120 160 170 130 140 150 166 152 Corrugated cardboard packaging and sheets shipped in Brazil (ton) GDP Brazil (BRL) 2
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MARKET DOMINANCE SUPPORTED BY…3 Corrugated Containerboard Packaging BOX SHEET Crease-cut & briefcase-style corrugated containerboard boxes with several applications for the food & beverage industry. High-resistance sheets in single and double walls with optimal performance in conversion and printing Brazilian Market Size LTM (million sqm) 8.260 Long-term Supply Commitment Irani’s exposure Market LTM(%) food products 71.2% chemicals and similars 5.3% beverages 3.1% metallurgical 1.4% others 19.0% Exposure to non- cyclical segments with solid and non- concentrated customer base 3.86% 5.21%Irani’s market share LTM (% m²)
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MARKET DOMINANCE SUPPORTED BY…3 FINEKRAFT ENVELOKRAF T 4.88% Irani’s Market Share LTM (%) Brazilian Market LTM (metric ton)6.380 Paper for Packaging BAGKRAFT FLEXIKRAFT E FLATKRAFT FLASHKRAFT Kind of packaginglightweight bags for fast food chain and bakeries shopping bags for retail stores industrial bags manufacture of bags, industrial bags, gummed tapes and packages envelopes Mix of quality products Paper with several food & beverage applications, certified for direct food contact Recycled paper that allows high printing quality Paper for the envelope industry Monolucid and long virgin fiber paper Ideal paper for manufacturing industrial bags , certified for direct food contact Long-term Supply Commitment International Certification for Direct Food Contact (ISEGA) FSC® (C009947) Certified Paper
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… INTEGRATED BUSINESS MODEL PROMOTING THE CIRCULAR ECONOMY Virgin fibers Own wood chip¹ 474 kt Purchase of wood 65 kt Purchase of bleached pulp 1 kt Purchase of Recycled Fiber 216 kt Strategic purchase of paper 12 kt Containerboard 186 kt transfered 25 kt market Kraft Paper 104 kt Corrugated Containerboard Packaging 170 kt MarketSoftwood Pulp 100 kt OCC Planted forests Volume LTM as of 12.30.2025 Own Recycled Fiber 33 kt Recycled fibers 3 Recycling
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INTEGRATED PRODUCTIVE PROCESS PROMOTED BY GAIA PLATAFORM Virgin fibers Own wood chip¹ 474 kt Purchase of wood 65 kt Purchase of bleached pulp 1 kt Purchase of Recycled Fiber 216 kt Strategic purchase of paper 12 kt Conteinerboard 186 kt transfered 25 kt market Kraft Paper 104 kt Corrugated Containerboard Packaging 170 kt MarketSoftwood Pulp 100 kt OCC Planted forests Own Recycled Fiber 33 kt Recycled fibers 3 Recycling 77 kt 212 kt 110 kt 24 kt 210 kt 112 kt 190 kt LTM 12/30/2025 Expectations After Gaia 29 kt
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…WITH OWN LAND AND FORESTRY BASE AND SIGNIFICANT PORTION OF OWN POWER GENERATION3 Production InfrastructurePreservation Own Land Base Santa Catarina state (SC) 27,965 ha Rio Grande do Sul state (RS) 7,783 ha Eletricity self Generation 63.5% [2025] After Gaia we will have 100% own renewable energy generation > 30.9% 20.5% 0.4% 48.2% Market PCH’s Thermoeletric Co-generation 44% 49% 7% 66% 30% 4% Eletric Power Supply – 2025 ELETRIC ENERGY PERCENTUAL CONSUMED BY GENERATING SOURCE
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HIGH CORPORATE GOVERNANCE STANDARDS4 Chairman Péricles Pereira Druck Vice Chairman Paulo Iserhard Independent Members3 Board Members6 Distribution of dividends • Up to 50% of the adjusted net profit in equal conditions between shareholders Board of Directors • Six mandate effective members elected at the EGM of which, 3 are independent • Two-year mandate, admitting reelection Fiscal Board • Three mandate effective members elected at the EGM Executive Board • Five members elected by the Board of Directors • There are no overlapping responsibilities between the CEO and the Chairman • Two-year mandate, admitting reelection Financial Policy • Net debt/EBITDA target 2.5x • Minimum Cash Balance of BRL 300mm • Average Debt Term: 30 months • Derivatives operations only with Board approval • Rating target: “brAA” Board Committees • Audit Committee • People Committee • Strategy Committee • Ethics Committee • Digital Strategy Committee Financial statements audited by pWc Board of Directors Member Roberto Faldini Member Paulo Sérgio Viana Mallmann Member Maria Cristina Capocchi Ricciardi Member Carlos Fernando Couto de Oliveira Souto Fiscal Board Member Leticia Pedercini Issa Member Rosângela Costa Süffert Member Rene Sanda
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OUR EXECUTIVE BOARD REPRESENTS OUR ESSENCE Odivan Cargnin Fabiano Oliveira Henrique Zugman Lindomar Lima André Carvalho Chief Executive Officer People, Strategy and Management Officer Paper and Forestry Businesses Officer Packaging Business Officer Chief Financial Officer and Investor Relations Click here to see more Click here to see more Click here to see more Click here to see more Click here to see more 30 30 23 23 22 23 27 32 5 5 Years with Irani Years of Sector Experience
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4 ESG – ENVIRONMENTAL, SOCIAL AND GOVERNANCE FSC® (C009947) ISO 9001:2015 ISO 14064:2006 ISO 14001:2015 International assurance certification that the raw materials we use comes from an ecologically sound, socially fair and economically viable forest. Quality management system designed to help organizations improve their performance. International standard certifying greenhouse gas inventories, voluntarily drawn up by organizations. International standard that specifies the requirements for the creation of a management system for environmental protection and rapid response to changes, taking into account environmental aspects influenced by the organization and others that may be controlled by it. ISEGA Irani Finekraft papers are certified by ISEGA, approved for direct contact with food Forestry and Paper Businesses ● ● ● Packaging Business ● ● ● ● Resin Business ● ● ● As part of its environment friendly strategy, Irani has other initiatives that have earned the Company several environmental certifications. Environmental certifications 2006 2007 2008 2009 2010 2011 2012 20192013 2014 2015 2016 2017 2018 CLICK ON THE IMAGES TO SEE MORE In 2020 we published our first ESG Integrated Report 2020 2021 2022 2023 GRI Sustainability reports 2024
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4 ESG – ENVIRONMENTAL, SOCIAL AND GOVERNANCE We are a carbon-positive company by nature. That means we capture more greenhouse gases from the atmosphere than we emit. In addition to being guided by the GHG Protocol guidelines and the National Climate Change Policy in scopes 1, 2 and 3, we were the first Brazilian company to certify a Greenhouse Gas Inventory (GHG) in accordance with ISO14064:2006. Station avoids emission of methane; this project made Irani the first company in Latin America to register a Clean Development Mechanism (CDM) for treatment of industrial effluents with the United Nations Provides a reduction in greenhouse gas emissions because it uses forest-based waste as energy source. Co-generation plant made Irani in 2006 the first in Brazil’s pulp and paper segment and the second in the world to emit carbon credits under the Kyoto Protocol. Effluent Treatment Plant Co-Generation Plant Projects approved by the United Nations Balance Total Emissions x Total Removals (CO2 tons) + BRL 20 mm of carbon credit sales since 2006 61.585 92.907 107.632 47.538 45.744 40.217 2022 2023 2024 Removals Emissions
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4 Forest Packaging Paper Corrugated containerboard package Recycled Fiber Wood Softwood pulp Circular Economy 71.1% Own recycled Fiber (aparas) 28.9% Softwood Pulp (celulose) 71,1% Of the raw material is from recycled fiber (2025) ESG – ENVIRONMENTAL, SOCIAL AND GOVERNANCE
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89% 11% Long-term Short-term 99% Domestic Currency 1% Foreign Currency FINANCIAL RESULTS – DEBT Average Cost od Debt of 13.5% p.y 2025 (CDI -0,7% p.y. equivalent) Gross Debt Profile 242,015 346,232 2020 386,472 506,268 2021 741,920 1,049,208 2022 1,017,684 600,981 2023 1,076,633 604,232 2024 1,057,881 839,834 2025 Cash Balance (BRL mn) Net debt (BRL mn) 1.07 0.78 1.38 2.07 2.26 1.99 Net debt/EBITDA (x) Gross Debt (BRL mn) 1,774,139 588,247 892,740 1,791,128 1,618,665 1,680,865 1,897,715 1,752,969
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FINANCIAL RESULTS – RETURN ON INVESTED CAPITAL (ROIC) ROIC: Adjusted Operational Cash Flow / Ajusted Invested Capital Average Cost of Debt LTM (Kd) after taxes: Interests LTM/ average gross debt LTM taxes deducted in 34%. It considers interests and sureties of property relative to financements of Gaia Plataform’s investments. 2019 2020 2021 2022 2023 2024 2025 16.1% 6.8% 12.6% 6.0% 24.9% 6.5% 23.0% 9.1% 16.6% 9.6% 10.8% 7.6% 13.3% 8.9% +4,4 p.p. ROIC Average Cost of Debt (Kd) after taxes
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FINANCIAL RESULTS – DIVIDENDS 10.8%¹ Dividend Yield ¹Considering the stock price at BRL 6.82 according to 12/30/2024 closure. 0 100,000 150,000 44,777 1Q25 89,377 2Q25 25,318 3Q25 4Q25 10,323 0.19326 0.38576 0.10976 0.04478 Dividends (BRL thousands) Earnings Per Share (BRL) 169,796 2025 0.73357
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GAIA PLATAFORM Estimated Investment| Investment Made Descrição do Projeto Unidade Gross Investment (Estimated in BRL) Gross Investment Made 4Q25 Gross Investment Made until 12/30/2025 (Accumulated) Gaia I – Expansion of Chemicals and Utilities Recovery Paper SC Campina da Alegria 682,023 0 658,621 Gaia II – Expansion of SC Packaging Unit Packaging SC Campina da Alegria 150,433 0 131,249 Gaia III – MP#2 Reform Paper SC Campina da Alegria 66,844 0 59,806 Gaia IV – Cristo Rei Repowering Paper SC Campina da Alegria 0 0 Gaia V – São Luiz Repowering Paper SC Campina da Alegria 125,881 5,726 5,726 Gaia VI – Process Information Management System - PIMS Paper SC Campina da Alegria 18,400 0 15,051 Gaia VII – Expansion ETP Phase 1 Paper SC Campina da Alegria 49,597 0 46,593 Gaia VIII – New Cut and Crease Printer Packaging SP Indaiatuba 21,318 2 15,576 Gaia IX – Intermediate Inventory Automation Packaging SP Indaiatuba 42,860 0 37,764 Gaia X – New FFG Dual Slotter Printer Paper SC Campina da Alegria 55,820 129 45,687 Gaia XI – MP#5 Reform Paper SC Campina da Alegria 89,668 21,262 48,586 Total 1,302,844 27,119 1,064,659
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GAIA PLATAFORM – FIRST CYCLE Physical Progress GAIA PLATFORM Basic Engineering Physical Execution Gaia I – Expansion of Chemicals and Utilities Recovery 100% Gaia II – Expansion of SC Packaging Unit 100% Gaia III – MP#2 Reform 100% Gaia IV – Cristo Rei Repowering 100% Gaia V – São Luiz Repowering 100% Gaia VI – Process Information Management System - PIMS N/A Gaia VII – Expansion ETP Phase 1 100% Gaia VIII – New Cut and Crease Printer N/A Gaia IX – Intermediate Inventory Automation N/A Gaia X – New FFG Dual Slotter Printer 100% Gaia XI – MP#5 Reform 100% 100% 100% 100% 100% 100% 100% 100% 90% 67%
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ESG COMMITMENTS FOR THE 2021-2030 CYCLE Occupational Safety Zero work accidents with time off, in relation to SDG 3 – Health and Well-being. Water Reduce water consumption by 30% per ton produced, in accordance with SDG 6 – Clean Water and Sanitation. Waste Eliminate waste sent to landfills, in line with SDG 12 – Responsible Consumption and Production. Diversity Have 40% women on the company's staff and 30% women in leadership positions, in line with SDG 5 – Gender Equality. Energy Be self-sufficient in renewable energy generation, in accordance with SDG 7 – Affordable and Clean Energy. Climate Change Increase by 20% the positive balance between emissions and removals of Greenhouse Gases (GHG), referring to SDG 13 – Action Against Global Climate Change.
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DISCLAIMER This presentation may contain certain affirmations and statements expressing beliefs and trends related to Irani Papel e Embalagem S.A. (“Irani” or "Company") and its subsidiaries, which reflect the current views and/or expectations of Irani and its management regarding its businesses and future events that, although considered reasonable by the Company based on public information, may be incorrect or inaccurate or may not occur. This is because a number of important factors may cause actual results to be materially different from the plans, objectives and expectations expressed herein, many of which are beyond the Company's control. The statements and information on the trends reported herein are not performance guarantees. This presentation does not constitute the offer of materials for the subscription or purchase of Company’s securities.
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Investor Relations https://ri.irani.com.br/en/ +55 (51) 3303 3893 Ramal 1071 ri@irani.com.br