What smart money is saying about Klabin

Position history

Every position in Klabin on record in the archive was reported in Q2 2026, across 1 fund letter, with no move described.

Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.

Fund activity · 1 position

• HoldsGuepardo Investimentos

  June 2026

  “Klabin Klabin presented a quarter of operational stability in an environment still marked by exchange rate volatility and cost pressure. Consolidated net revenue totaled R$ 5.2 billion, with growth relative to 1Q26, while adjusted EBITDA reached R$ 2.0 billion, reflecting a positive evolution in the quarterly comparison and an EBITDA margin of 38%. The result was benefited by the recovery of pulp prices, by the evolution of volumes in papers and by discipline in cost management, factors that contributed to partially offset the impacts of the appreciation of the real against the dollar. In our view, the sequential evolution of the quarter highlights the company's ability to preserve its profitability and capture opportunities even in a scenario still marked by volatility. Guepardo Investimentos | Av. Brigadeiro Faria Lima, 3015, 8th floor – São Paulo, SP – Brazil 01452-000 | +55 (11) 3103-9200 5 Letter to Investors – No. 118 2nd Quarter of 2026 The pulp business continued to benefit from the diversification of its portfolio and the active management of its sales mix. Volumes sold remained practically stable, while long fiber and fluff showed positive evolution, with Klabin raising its net price in dollars by 7% compared to the previous quarter. The relevance of these products to the company's profitability is particularly important: although they represented 31% of the total volume of pulp sold, long fiber and fluff accounted for 40% of the segment's revenue in the quarter, reflecting their higher added value and structurally superior spread to that of short fiber. In the paper and packaging businesses, the flexibility of the portfolio continued to be a relevant differentiator. Paper volume grew 4% compared to 2Q25, driven mainly by cardboard, which showed growth of 7% in volumes and 5% in revenue. The company also continued to direct its production dynamically, increasing integration among its businesses and prioritizing the markets and products with the highest profitability. In the packaging segment, performance remained resilient, even against a high comparison base, reinforcing Klabin's ability to adjust its mix to market conditions and reduce its exposure to the individual cycles of each product. Financial discipline also remains an important point of the thesis. Dollar leverage ended the quarter at 3.2 times EBITDA, a reduction of 0.1 times compared to the previous quarter, reinforcing the gradual optimization of the capital structure. In addition, in June the company announced a new share buyback program, which provides for the acquisition of up to 31.25 million units over 18 months, with subsequent cancellation of the acquired securities. The decision reinforces management's confidence in the company's performance and in its ability to generate value for shareholders. We remain confident in Klabin's investment thesis.”

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