Klabin (KLBN11.SA): 2Q26 Preview: Better Results QoQ

Research evidence excerpt

Klabin (KLBN11.SA): 2Q26 Preview: Better Results QoQ

Action |

16 Jul 2026 15:42:02 ET │ 15 pages

Klabin (KLBN11.SA)

2Q26 Preview: Better Results QoQ

CITI'S TAKE

Buy We have updated the model ahead of Klabin’s 2Q26 results (scheduled for

release on August 5th), mainly incorporating updated FX assumptions, Price (15 Jul 26 18:00) R$17.39

with no major abrupt changes to our full-year operational outlook. We Target price R$23.00↓

estimate revenue of R$5.2bn (+5% QoQ; -1% YoY) and EBITDA of R$1.9bn from R$24.00

(+13% QoQ; -7% YoY). Overall, we expect a QoQ improvement due to Expected share price return 32.3%

seasonality in packaging and the recovery after the shutdown in Monte Expected dividend yield 5.3%

Alegre in 1Q26, and a modest price recovery in pulp and kraft. Our new TP

Expected total return 37.6% is R$23/sh (from R$24/sh).

Market Cap R$21,708M

US$4,274MPulp — On the short fiber front, we expect sales volumes to remain broadly in line

with 1Q26 levels, with a slight sequential improvement in realized prices in USD/t

reflecting more favorable benchmark dynamics and a gradual repositioning of

Klabin's geographic exposure toward Europe, where demand conditions have been Gabriel BarraAC

comparatively more resilient. In fluff pulp, volumes should come in marginally above

+55-11-4009-22231Q26, as fluff market continues to benefit from capacity exits, providing a relatively

gabriel.barra@citi.combetter pricing backdrop.

Pedro Ferreira De Mello

Paper — Segment is expected to deliver a broadly stable sequential performance, +55-21-4009-0425

with LPB and other products showing better YoY trends as beverage demand holds pedro.mello@citi.com

firm. Seasonal stocking ahead should provide incremental support to volumes. On