Klabin SA Q2 2025 Earnings Call (English, Portuguese) Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Leonardo Correa - Banco BTG Pactual SA - Analyst : Hi, everyone. Good morning. Thank you, and I have 2 points here, Cristiano that you mentioned in your introduction. First, on corrugated boxes. You mentioned, there has been an eight-year long real increase in price. You've talked about gains in market share. And you've also said that we might underestimate club beans capacity to continue to have high prices capturing market share as you have been doing in the last quarters. I have an additional point to mention. When you look at the competition, and I know that Klabin has a different business model, which is much less exposed to stoppages, but stoppages have been going up year on year. And this obviously has an impact on the entire chain with competitors. So how has that helped clapping? And if you can quantify what magnitude increase you are seeing that would also be very helpful. My second point considering the numbers that we've been seeing in some reports, we're talking about this harvest in clubbing, especially after this investment cycle as projects mature, the company is benefiting from this cash. So how far will this harvest go? And when would you turn the key for investment cycles. You, I'm sure have projects for the future. And I'd just like to understand a little bit better if anything has changed in your analysis to understand how long this harvest will last and when you expect to grow again? Thank you.

Question: Rafael Barcellos - Banco Bradesco BBI S/A - Analyst : Good morning everyone. Thank you for taking my questions. My first question is about coated board. I understand that the setup in Machine 28 as one of the main drivers for value in the medium term for the company. You recently mentioned how MP28 is at a mix that's short of its potential. So I'm going to split my question into two. I'll ask about the short term and the medium term. So specifically, in the first half of the year, how do you believe the mix and volume doing and on the medium term, and I believe this is where you have the most opportunities. When do you expect to extract the best mix and the highest value from MP28. My second question is about the cost and expenses line. From the cost side, can you talk a little bit about trends for pulp for the second quarter, specifically fiber costs. I'd like to know why this item was a bit higher in the last quarter. And from the expense side, specifically expenses with sales. I understand that this line went up due to the readjustment in containers that we've seen lately. It would be great if you could give us some more details on what new level of expenses you expect. Thank you.

Question: Rafael Barcellos - Banco Bradesco BBI S/A - Analyst : Perfect, thank you.