Slides
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Results Presentation 3Q26
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Net Revenue BRL 456,578 thousand Net Profit 3Q26 Results Adjusted EBITDA Free Cash Flow Yield LTM CO + DO BRL 151,990 thousand BRL 56,512 thousand 18.1% CO: Continued Operation; DO: Discontinued Operation. In 3Q26, the discontinued operation did not impact Net Revenue, Adjusted EBITDA, or Net Income. Highlights
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3Q26 Results Financial Highlights Compared to 3Q25, Net Revenue increased by 5.3% and Adjusted EBITDA (CO) by 3.9%, driven by higher sales volume in the Sustainable Packaging segment (Corrugated Cardboard) +5.3% 3Q25 2Q26 3Q26 433,463 431,887 456,578 +5.7% Net Revenue [BRL thousand] Adjusted EBITDA and Margin CO [BRL thousand; %] +3.9% 33,7% 30,5% 33,3% 3Q25 2Q26 3Q26 146,218 131,633 151,990 +15.5% 33.7% 30.5% 33.3% Adjusted EBITDA and Margin CO+DO [BRL thousand; %] +4.7% 33,7% 30,5% 33,3% 3Q25 2Q26 3Q26 151,990145,236 131,633 +15.5% 33.5% 30.5% 33.3% CO: Continued Operation; DO: Discontinued Operation. (¹) Adjusted EBITDA (as per CVM Resolution 156/22 – Art. 4º). (²) Excludes Discontinued Operation (Sustainable Resins), reflecting the performance of the businesses that remain in the portfolio.
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3Q26 Financial Highlights Net Income (CO) increased by 34.3% compared to 3Q25, reflecting a larger change in the fair value of biological assets Results Net Revenue CO [BRL thousand] 2,239 39,837 3Q25 23,693 2Q26 16,918 39,594 3Q26 42,076 30,928 56,512 7,235 +34.3% Recurring – excl. biological assets -0.6% Recurring – Biological assets Recurring – Excluding biological assets Net Revenue CO+DO [BRL thousand] 2,239 38,872 3Q25 23,693 2Q26 16,918 39,594 3Q26 41,111 30,928 56,512 7,235 +37.5% Recurring – excl. biological assets +1.9% CO: Continued Operation; DO: Discontinued Operation.
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3Q26 Sustainable Packaging Segment (Corrugated Packaging) The Brazilian Sustainable Packaging (Corrugated Cardboard) market posted stable volume compared to 3Q25 Sales Volume [ton] 3Q25 2Q26 3Q26 1,118,575 1,073,921 1,117,335 -0.1% +4.0% [thousand m²] 3Q25 2Q26 3Q26 2,178,963 2,099,569 2,178,276 0.0% +3.7% Results
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3Q26 Sustainable Packaging Segment (Corrugated Packaging) At Irani, volume (tons) increased by 11.5% compared to 3Q25, driven by the Company's volume capture strategy [thousand m²] [ton] 3Q25 2Q26 3Q26 42,743 44,024 47,668 +11.5% 3Q25 2Q26 3Q26 83,931 88,774 95,233 +13.5% +8.3% +7.3% Sales Volume Results
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3Q26 Sustainable Packaging Segment (Corrugated Packaging) Average prices (BRL/ton) remained practically stable compared to 3Q25 (-1.2%), reflecting balanced supply and demand in the market (¹) Net of taxes. [BRL/thousand m²] [BRL/ton] 3Q25 2Q26 3Q26 6,192 6,139 6,120 -1.2% 3Q25 2Q26 3Q26 3,153 3,044 3,063 -2.9% -0.3% +0.6% Average Prices(¹) Results
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3Q26 Sustainable Packaging Paper Segment (Paper) With more internal transfers of rigid paper to corrugated cardboard production, Paper segment sales fell 5.2% compared to 3Q25, while flexible paper volume grew 4.0% over 2Q26 ¹ Net of Taxes. Average Prices(1) Paper for Sacks [BRL/ton] Average Prices(1) Containerboard [BRL/ton] Total Sales [ton] sacks containerboard 27,020 6,145 3Q25 25,231 6,742 2Q26 26,252 5,201 3Q26 33,165 31,973 31,453 -1.6% 3Q25 2Q26 3Q26 5,240 5,268 5,365 +1.8% 3Q25 2Q26 3Q26 3,839 3,696 3,726 +0.8% Results +2.4% -3.0% -5.2% +4.0%
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3Q26 OCC Price Evolution [Net Price BRL/ton| FOB] Anguti Estatística OCC (Old Corrugated Containers) Informative Sustainable Packaging Paper Segment (Paper) Irani's OCC price rose 8.6% over 2Q26, with increases through August and stability in September. Compared to 3Q25, it fell 8.5%, in line with the market 903 991 3Q25 2Q26 3Q26 1,088 -8.9% 921 3Q25 2Q26 3Q26 1,093 1,000 -8.5% +9.7% +8.6% Results
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3Q26 Indebtedness and Net Debt/Adjusted EBITDA Leverage was 1.89x in 3Q26, compared to 2.07x in 2Q26, due to lower net debt and EBITDA expansion in the period Cost of Debt in 12.9% p.y. (CDI -1.3% p.y. equivalent) LTM 3Q26 242 386 742 992346 506 601 604 840 760 833 2020 2021 1,049 2022 1,018 2023 1,077 2024 1,058 2025 1,071 1Q26 1,074 2Q26 1,496 3Q26 588 892 1,791 1,619 1,681 1,898 1,831 1,907 2,488 1.07 0.78 1.38 2.07 2.26 1.99 2.11 2.07 1.89 Cash Balance [BRL millions] Net Debt [BRL millions] Gross Debt [BRL millions] Net Debt/Adjusted EBITDA (x) 99% National Currency 1% Foreign Currency 67% Long-term 33% Short-term Results The 1st series of the 5th green debenture issuance (BRL 486.3M), maturing in Aug/27, moved to short term; repayment funds were raised in Jul/26.
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3Q26 (1) Average of balance sheet amounts over the last 4 quarters (LTM). Includes continued and discontinued operations. (2) Fair value differential of biological assets less deferred taxes on the fair value of biological assets. (3) Accounting revaluation of land and buildings at deemed cost in Equity (4) Right of use / Lease payables (cash view). (5) ROIC (LTM): Adjusted Operating Cash Flow / Adjusted Invested Capital ROIC Starting this quarter, in line with financial literature and market practice, ROIC uses net debt instead of gross debt to calculate invested capital ROIC (BRL thousand) - LTM (1) 3Q26 2Q26 3Q25 (+) Net Debt 1,048,682 1,068,675 1,097,105 (+) Equity 1,458,066 1,447,554 1,408,691 (-) Construction in Progress (180,575) (175,788) (165,287) Invested Capital 2,326,173 2,340,441 2,340,509 (-) CPC 29 Adjustment (2) (323,723) (316,716) (287,426) (-) CPC 27 Adjustment (3) (106,561) (108,801) (115,512) Adjusted Invested Capital 1,895,889 1,914,924 1,937,571 Adjusted EBITDA 525,128 518,374 519,234 (-) Maintenance Capex (133,375) (143,885) (147,596) (-) Income Tax and CSLL (cash) (19,902) (23,762) (22,898) (-) CPC 06 Leases (4) (15,366) (15,000) (14,402) Adjusted Operating Cash Flow 356,485 335,727 334,338 ROIC (5) 18.8% 17.5% 17.3% ROIC (BRL thousand) - LTM (1) 3Q26 2Q26 3Q25 (+) Gross Debt 2,030,923 1,847,202 1,742,087 (+) Equity 1,458,066 1,447,554 1,408,691 (-) Construction in Progress (180,575) (175,788) (165,287) Invested Capital 3,308,414 3,118,968 2,985,491 (-) CPC 29 Adjustment (2) (323,723) (316,716) (287,426) Adjusted Invested Capital 2,984,691 2,802,252 2,698,064 Adjusted EBITDA 525,128 518,374 519,234 (-) Maintenance Capex (133,375) (143,885) (147,596) (-) Income Tax and CSLL (cash) (19,902) (23,762) (22,898) Adjusted Operating Cash Flow 371,851 350,727 348,740 ROIC (5) 12.5% 12.5% 12.9% Previous Methodology New Methodology Results
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3Q26 ROIC: Adjusted Operating Cash Flow / Adjusted Invested Capital ¹Average Cost of Debt LTM (Kd ) after tax: Interest LTM/ average gross debt last 4 quarters deducted tax of 34%. It considers the fixed interest and surety related to the financing of the investments of the Gaia Platform ROIC LTM ROIC reached 18.8%, a spread of 10.3 p.p. over the average cost of debt, and rose 1.3 p.p. from 2Q26, driven by higher operating cash flow 6.0% 2020 42.4% 6.5% 2021 38.2% 9.1% 2022 23.5% 9.6% 2023 14.3% 7.6% 20.1% 18.1% 8.9% 2025 16.9% 9.2% 1Q26 17.5% 9.2% 2Q26 6.8% 2019 18.1% 3Q26 18.8% 8.5% 2024 +10.3 p.p ROIC LTM Average Cost of Debt LTM (Kd) after taxes +1.3 p.p Results New Methodology
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3Q26 Dividends Irani distributed dividends of BRL 0.40230 per share in the last twelve months, representing a Dividend Yield¹ of 4.8% ¹Considering a share price of BRL 8.37 relative to the closing date of 09/30/2025. Value per Share (BRL)Dividends (BRL Thousand) 0.40230 4Q25 1Q26 2Q26 10,323 9,583 64,894 3Q26 7,905 0.04478 0.04157 0.28153 0.03440 92.705 LTM 3Q26 Results Interim Dividends relating to 3Q26 BRL 0,061093988 by action to be deliberated by the BD. 4.8%¹ Dividend Yield
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Gaia Platform - Investments Completed Projects Project Description Unit Gross Investment Made Gaia I – Expansion of Chemicals and Utilities Recovery Paper SC 658,621 Gaia II – Expansion of SC Packaging Unit Packaging SC 131,249 Gaia III – MP#2 Reform Paper SC 59,806 Gaia VI – Process Information Management System - PIMS Paper SC 15,051 Gaia VII – Expansion ETP Phase 1 Paper SC 46,593 Gaia VIII – New Cut and Crease Printer Packaging SP 15,576 Gaia IX – Intermediate Inventory Automation Packaging SP 37,764 Total (BRL) 964,660 Undergoing Projects Project Description Unit Gross Investment (Estimated in BRL) Investments 3Q26 Gross Investment Made until 09/30/26 Progress Expected End Gaia IV – Cristo Rei Repowering Paper SC In Update 0% Gaia V – São Luiz Repowering Paper SC 125,881 6,107 26,554 26% 1Q28 Gaia X – New FFG Dual Slotter Printer Packaging SC 55,820 225 46,813 90% 4Q27 Gaia XI – MP#5 Reform Paper SC 89,668 1,539 80,271 85% 2Q28 Gaia XII – MG Paper Expansion Paper MG 514,000 802 1,833 4Q29 Total (BRL) 785,369 8,673 155,471 Values in BRL thousands 100%
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Share Repurchase Program 2025 Repurchase Program 15.0% Start Date: September 25, 2025 Term: 18 months Acquisition Limit: 9,771,034 common shares Shares Repurchased in 3Q26: 860,300 common shares Shares Repurchased through 09/30/2026: 1,465,400 common shares
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3Q26 Highlights For the 6th year, we won the 2026 ANEFAC Transparency Trophy (Net Revenue up to R$5 billion category). The award recognizes and encourages best practices in transparency and quality of accounting and financial information among organizations in Brazil. We received 2nd Place in the 2026 Valor Inovação Brasil Award. This is the 5th consecutive edition in which we rank among the most innovative companies in our sector, and our best placement ever in the ranking. Irani is among the 175 Best Companies to Work For in Brazil according to Great Place to Work (GPTW), ranking 46th in the Large Companies category. The Indaiatuba Packaging Unit ranks 11th in the Best Workplaces Ranking São Paulo 2026. Irani is the best company in the Pulp and Paper sector in EXAME's Melhores e Maiores ranking. We ranked 4th in the Best Workplaces Ranking Rio Grande do Sul 2026.
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Emanuel Trevisol Investor Relations Coordinator André Carvalho CFO and IRO Alex Sandro Gabrieli Accounting Coordinator Evandro Zabott Accounting Manager Accounting Area (support) Marcos Souza Finance and Investor Relations Manager Daniela Amorim Investor Relations Analyst Mariciane Brugneroto Investor Relations Analyst Giovana Bucco Investor Relations and New Business Analyst Ítalo de Bastiani Investor Relations and New Business Analyst 3Q26 Results Investor Relations Team
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DISCLAIMER This presentation may contain certain statements and declarations that express beliefs and trends regarding 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 business and future events that, although considered reasonable by the Company based on public information, may be incorrect or inaccurate, or may not materialize. This is because a number of important factors can cause actual results to differ substantially from the plans, objectives, and expectations expressed in this presentation, many of which are beyond the Company's control. The statements and information regarding trends reported herein are not guarantees of performance. This presentation does not constitute an offer to subscribe for or purchase securities of the Company. Results 3Q26
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Investor Relations https://ri.irani.com.br/en/ +55 (51) 3303 3893 Extension 1071 ri@irani.com.br Results 3Q26