By Brazil Stock Guide – Klabin (B3: KLBN11) reported net income of R$ 168 million in 4Q25, a 69% decline from a year earlier, as lower pulp prices, Brazilian real appreciation and scheduled maintenance shutdowns offset gains in packaging and cost discipline. Net revenue totaled R$ 5.165 billion, down 2% year-on-year, while adjusted EBITDA stood at R$ 1.832 billion, broadly flat versus 4Q24.
The weaker bottom line reflects a combination of softer pulp pricing, FX headwinds and the impact of planned maintenance at the Ortigueira and Correia Pinto units, which reduced production volumes during the quarter. Despite this, total sales volumes rose 4% in 2025 to 4.008 million tons, supported by the ramp-up of paper machines MP27 and MP28 and resilient demand in packaging.
Packaging remained the key offset. Corrugated box revenue rose 8% in 4Q25 and 14% for the full year, driven by price increases and volumes above the Brazilian market benchmark. By contrast, pulp net revenue fell 14% in the quarter, reflecting weaker average prices and a stronger real. Full-year adjusted EBITDA reached R$ 7.848 billion, up 7% from 2024, while net revenue increased 5% to R$ 20.7 billion.
Cash cost discipline helped contain margin erosion. Total cash cost per ton, including maintenance effects, came in at R$ 3,300/t in 4Q25, 3% below 4Q24, and R$ 3,225/t for the year, in line with guidance. Net debt to EBITDA in U.S. dollars declined to 3.3x at year-end, down 0.6x from 4Q24. Klabin also announced R$ 1.1 billion in interim dividends and R$ 800 million in bonus shares, signaling continued shareholder remuneration even amid quarterly earnings volatility.
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