Major Estimate Revision • May 19
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from R$22.5b to R$21.8b. EPS estimate also fell from R$1.97 per share to R$1.74 per share. Net income forecast to grow 305% next year vs 21% growth forecast for Packaging industry in Brazil. Consensus price target of R$23.05 unchanged from last update. Share price fell 4.3% to R$16.10 over the past week. New Risk • May 07
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.3% Last year net profit margin: 9.0% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.9x net interest cover). Minor Risks Dividend is not well covered by earnings (430% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.3% net profit margin). Reported Earnings • May 07
First quarter 2026 earnings released: R$0.43 loss per share (vs R$0.33 profit in 1Q 2025) First quarter 2026 results: R$0.43 loss per share (down from R$0.33 profit in 1Q 2025). Revenue: R$5.06b (up 4.2% from 1Q 2025). Net loss: R$530.1m (down 232% from profit in 1Q 2025). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Global Packaging industry. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. 공시 • Mar 03
Klabin S.A., Annual General Meeting, Apr 07, 2026 Klabin S.A., Annual General Meeting, Apr 07, 2026. Location: exclusively remotely, Brazil Major Estimate Revision • Mar 02
Consensus EPS estimates increase by 28% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from R$1.56 to R$1.99. Revenue forecast steady at R$21.7b. Net income forecast to grow 18% next year vs 20% growth forecast for Packaging industry in Brazil. Consensus price target broadly unchanged at R$23.83. Share price rose 3.1% to R$20.61 over the past week. Major Estimate Revision • Feb 18
Consensus EPS estimates fall by 22% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from R$2.01 to R$1.56 per share. Revenue forecast steady at R$21.7b. Net income forecast to grow 22% next year vs 19% growth forecast for Packaging industry in Brazil. Consensus price target broadly unchanged at R$23.89. Share price fell 3.0% to R$20.39 over the past week. New Risk • Feb 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 424% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risks Dividend is not well covered by earnings (145% payout ratio). Large one-off items impacting financial results. Reported Earnings • Feb 12
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: R$0.23 (down from R$1.49 in FY 2024). Revenue: R$20.7b (up 5.4% from FY 2024). Net income: R$1.40b (down 23% from FY 2024). Profit margin: 6.8% (down from 9.3% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 15%. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Global Packaging industry. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Declared Dividend • Dec 14
Dividend of R$0.91 announced Shareholders will receive a dividend of R$0.91. Ex-date: 16th December 2025 Payment date: 12th November 2026 Dividend yield will be 9.1%, which is higher than the industry average of 2.9%. Sustainability & Growth The dividend has decreased over the past 46 years, indicating a lack of growth and stability in payments. Board Change • Dec 03
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 11 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Director Celso Lafer was the last independent director to join the board, commencing their role in 2005. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. 공시 • Mar 18
Klabin S.A., Annual General Meeting, Apr 24, 2025 Klabin S.A., Annual General Meeting, Apr 24, 2025. Location: to be held exclusively, Brazil 공시 • Jul 18
Klabin S.A. (BOVESPA:KLBN4) completed the acquisition of Arauco Florestal Arapoti S.A./Arauco Forest Brasil S.A. from Celulosa Arauco y Constitución S.A. Klabin S.A. (BOVESPA:KLBN4) agreed to acquire Arauco Florestal Arapoti S.A./Arauco Forest Brasil S.A. from Celulosa Arauco y Constitución S.A. for BRL 5.8 billion on December 20, 2023. The total value paid includes BRL 2.8 billion for the acquisition of the land and BRL 3 billion for the wood assets. The conclusion of the deal is subject to suspensive conditions customary in transactions of this nature, including approval by Brazil’s antitrust body, CADE and approval from shareholders. The transaction is expected to close in 2Q 2024.
Klabin S.A. (BOVESPA:KLBN4) completed the acquisition of Arauco Florestal Arapoti S.A./Arauco Forest Brasil S.A. from Celulosa Arauco y Constitución S.A. on July 16, 2024. 공시 • Dec 22
Klabin S.A. (BOVESPA:KLBN4) agreed to acquire Paraná Forestry Operation of Celulosa Arauco y Constitución S.A. for BRL 5.8 billion. Klabin S.A. (BOVESPA:KLBN4) agreed to acquire Paraná Forestry Operation of Celulosa Arauco y Constitución S.A. for BRL 5.8 billion on December 20, 2023. The total value paid includes BRL 2.8 billion (€501.41 million $554.51 million) for the acquisition of the land and BRL 3 billion for the wood assets. The conclusion of the deal is subject to suspensive conditions customary in transactions of this nature, including approval by Brazil’s antitrust body, CADE and approval from shareholders. The transaction is expected to close in 2Q 2024. 
