Klabin SA Q3 2025 Earnings Call (English, Portuguese) Transcript

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

Question: Rafael Barcellos - Banco Bradesco BBI S/A - Analyst : Good morning, Cristiano and the Klabin team. Thank you for taking my question. Cristiano, you mentioned the challenging environment in some markets like Pulp. So, excluding this market issue that is out of your control, I'd like to explore some questions for the items that are more at your hand. I'll focus on CapEx costs, but here, Cristiano, my question.We'll leave it open for you to talk about any initiatives that you think can, provide value for the company, but I'll focus on cost and CapEx. After some forestry operations, the new boiler in Montalegre and so on, are there any cost benefits that you believe we'll start seeing next year? And if you can tell us a bit more about how you see Costs Changing next year. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. NOVEMBER 05, 2025 / 2:00PM, KLBN4.SA - Q3 2025 Klabin SA Earnings Call (English, Portuguese) When it comes to CapEx, the company seems to be running at a lower CapEx level, versus the guidance. So if you can tell us a little bit more about that, was that related to any efficiencies that you were able to extract, and what should we consider for CapEx next year, Especially considering that next year you will no longer, have that disbursement from the Monchalegri boiler, which will be about 800 million for this year. Those are my two questions. Thank you.

Question: Rafael Barcellos - Banco Bradesco BBI S/A - Analyst : Of course, and if you allow me to ask a follow-up question specifically on cost. If I can get an assessment of the performance in the last few quarters, and I'd also like to understand, well, I know that you're still going to give us a guidance for next year, but I'd just like to understand the magnitude of that. In 2026, will the company be running at a lower cost in 2025? If you could help us understand. Your cost trajectory and how you think this will happen from now on.

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

Question: Daniel Sasson - Banco Itau BBA SA - Analyst : Hi, good morning, everyone. Thank you for taking my question. Cristiano, I really liked your opening speech, where you talked about the company being ready to deliver more results In comparison to the rest of the market. The coded board versus craft spread and importation. I'd just like to ask if at this level of spread, would it make sense to produce 100% of MP28 and Coded board value. We know that of course this market is much low, much smaller than Kraft liner. So, are you expecting a better spread? In order to do that, so I'd just like to hear this comparison between the cost and the spread in, products, just so that we can understand the ramp up for this part. Also, when it comes to corrugated boxes, you've had very strong volumes up to date. The prices are flat, but you're growing in volume and share, but looking towards the future, I'd just like to understand your perspective of this market, considering the reduction in the shaving's prices. And what is your commercial strategy for that? Would it make sense to be a bit less aggressive and maybe concede on prices to hold the margins? Maybe a value over volumes strategy, or how would you deal with this change and market dynamics. Thank you. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. NOVEMBER 05, 2025 / 2:00PM, KLBN4.SA - Q3 2025 Klabin SA Earnings Call (English, Portuguese)

Question: Daniel Sasson - Banco Itau BBA SA - Analyst : Thank you, Douglas.

Question: Eugenia Cavalheiro - Morgan Stanley - Analyst : Good morning, everyone. Thank you for taking my questions. I would like to understand Leverage, you're close to the upper bound of the range that you had in your leverage policy. So, I'd just like to understand if this is something that you're comfortable with. If you would prefer to go to the low end of the range, and I'd also like to understand what the next steps would be for the company, either to lower your leverage. I mean, we've seen some initiatives. In that direction, and I'd just like to understand if we expect those to continue and how we should understand the company. I'd also like to look at dividends and buybacks considering shareholder remuneration. I know that you made an announcement, but I'd just like to understand if this will continue or if we are going to, get, change your leverage Levels and if that can affect shareholder Remuneration. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. NOVEMBER 05, 2025 / 2:00PM, KLBN4.SA - Q3 2025 Klabin SA Earnings Call (English, Portuguese)

Question: Eugenia Cavalheiro - Morgan Stanley - Analyst : Thank you.

Question: Henrique Marques - Goldman Sachs Group Inc - Analyst : Good morning. Thank you for taking my question. So, my first question is about pay per board. I know that you've discussed this, but We still see strong competition. The domestic market has been very challenging and according to all signs, as China reviews its five-year plan, it will continue to export. So, this is a significant growth avenue for the country. So, I'd just like to know what solutions you find for this market. Is that something that you will do in company? Will you really go to the premium markets? Even by missing out on some of the volume. And do you think the market should have any protection measures? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. NOVEMBER 05, 2025 / 2:00PM, KLBN4.SA - Q3 2025 Klabin SA Earnings Call (English, Portuguese) We know that steel companies are doing that with steel, so that's my question, and also about deleveraging with this scenario with lower commodities with the weaker US dollar. Is there anything on the macro side that you need to see for this deleveraging to happen, or can you do all of this in company Without needing to depend on pulp prices or changes to the US dollar. Thank you.

Question: Henrique Marques - Goldman Sachs Group Inc - Analyst : Great, thank you.

Question: Marcello Arazzi - BTG Pactual - Analyst : Hi everyone, a couple of questions. The first is about cost again. We've seen that fiber costs have gone up in the last quarters. After the acquisition you made for an aqua floor stall, which indicated that you expected these costs to reduce. So, what is your perspective on that and how do you believe this will continue? And my second question is about pulp. Market perspectives are a bit worse. We know that there are structural issues, so we're investing on. I know that you're investing on price and capacity. So, I'd just like to understand your perspective for the industry and how that matches that 1/3, 1/3, 1/3 strategy, so. In any case, is this change in the industry, changing the percentage that you want to have in each segment?

Question: Marcello Arazzi - BTG Pactual - Analyst : Thank you, everyone.