By Brazil Stock Guide – Klabin SA (KLBN11) reported a 2% increase in first-quarter net revenue, as stronger sales volumes across its businesses helped offset currency pressure from the appreciation of Brazil’s real against the dollar, according to the company’s Q1 2026 earnings release.
Net revenue reached 4.95 billion reais in the quarter, compared with 4.86 billion reais a year earlier. Total sales volume, excluding wood, rose 12% to 1.016 million tons, supported by growth in pulp, paper and packaging.
Adjusted Ebitda fell 10% from a year earlier to 1.67 billion reais, with the adjusted Ebitda margin narrowing to 34% from 38%. Klabin said the decline reflected the negative impact of the stronger real and the scheduled maintenance shutdown at its Monte Alegre unit, partly offset by higher sales volumes.
The company posted a net loss of 497 million reais, compared with net income of 446 million reais in the first quarter of 2025. The swing was driven by weaker operating results, the fair-value variation of biological assets, financial expenses and tax effects.
Pulp sales rose 16% year over year to 401,000 tons. Revenue in the segment increased 2% to 1.41 billion reais, as higher volumes and stronger short-fiber pulp prices in dollars offset the impact of the stronger Brazilian currency.
Paper sales climbed 15% to 356,000 tons, while revenue rose 8% to 1.69 billion reais. Containerboard was a key driver, with sales volume up 31% from a year earlier, helped by growth in exports and the company’s strategy of expanding into new markets.
Packaging sales increased 3% to 258,000 tons. Revenue in the business rose 6% to 1.79 billion reais, supported by corrugated packaging, whose revenue advanced 9% year over year. Klabin said its corrugated board shipments outpaced the broader Brazilian market, citing demand from resilient segments such as processed foods, hygiene and cleaning products, and fruit.
Klabin’s total cash cost per ton, including maintenance shutdown effects, was 3,342 reais, broadly in line with the same period last year. Capital expenditures rose 39% to 839 million reais, including spending on forestry, operational continuity and the modernization of the Monte Alegre recovery boiler.
Net debt ended March at 24.04 billion reais, down 21% from a year earlier. Leverage measured in dollars stood at 3.3 times adjusted Ebitda, unchanged from the previous quarter and down from 3.9 times a year earlier.
Fitch Ratings affirmed Klabin’s global rating at BB+ and revised its outlook to positive in March. Moody’s Investors Service, part of Moody’s Corp. (MCO), kept the company’s global rating at Ba1 with a stable outlook, while S&P Global Ratings, part of S&P Global Inc. (SPGI), maintained its rating unchanged.
Klabin’s units closed the quarter at 19.51 reais, after rising 4% in the first three months of 2026. The company said average daily trading volume reached 107 million reais in the quarter.
BlackRock Inc. (BLK) later informed Klabin that it had acquired a relevant stake and, as of April 16, held about 10.003% of the company’s preferred shares. BlackRock said the holding was strictly for investment purposes, with no intention to change Klabin’s control or management structure.