KLBN11 after 2Q26: packaging and paper cushion pulp as a stronger real trims BRL revenue

On 6 August 2026, Klabin S.A. (B3: KLBN11) published 2Q26 results (reference 30 June 2026). Net revenue was R$ 5.15 billion, down 2% year on year. Adjusted EBITDA reached R$ 1.96 billion (−4%), with margin at 38% (−1 percentage point). Net income was R$ 387 million, versus R$ 585 million in 2Q25 and a R$ 497 million loss in 1Q26.

The quarter is a textbook integrated pulp read. Klabin sells pulp, paper, and packaging from the same forest base. USD pulp prices moved up, packaging prices rose in Brazil, and paper volumes grew — yet consolidated revenue in reais still fell because the real appreciated against the dollar (R$ 5.05/US$ on average in 2Q26 vs R$ 5.67 a year earlier). That is the same translation tension readers saw in other 2Q26 pulp prints on this blog, but Klabin's domestic packaging line (67% of revenue from Brazil in the quarter, +6 p.p. vs 2Q25) changes how the shock lands on the P&L.

What the earnings release shows

Figures below follow Klabin's 2Q26 earnings release (English, 6 August 2026):

Sales mix (volume, 2Q26): pulp 386 kt (−2% YoY), paper 359 kt (+4%), packaging 273 kt (flat). Machine 28 ramp-up and stable mill operations kept total volume essentially level with 2Q25.

Pulp — higher USD prices, lower BRL segment EBITDA

Pulp remains the swing factor for export exposure, but only ~38% of 2Q26 sales volume.

Management attributes the R$ 160 million segment EBITDA drop chiefly to FX and higher production costs, despite short-fiber prices rising in USD (company cites FOEX-linked moves: up 9% in China and 16% in Europe and Brazil vs 2Q25). Long fiber/fluff net revenue was R$ 585 million (−12% YoY in reais) but management highlights fluff price recovery and mix — 31% of pulp volume and 40% of pulp revenue in the quarter.

Readers comparing Klabin to pure-play pulp names should separate commodity USD moves from BRL reporting: a +5% USD pulp price and a −7% BRL pulp price can coexist in the same quarter.

Paper and packaging — integration as margin ballast

Paper revenue was R$ 1.71 billion, flat year on year, on +4% volume — coated board domestic sales up 9%. Packaging revenue grew 3% to R$ 1.92 billion; corrugated boxes revenue rose 5% on price, with volumes stable against a strong 2Q25 base (company cites Empapel industry growth vs Klabin share timing).

Packaging and paper together were ~62% of net revenue in 2Q26 (per segment revenue split in the release). That structure is why consolidated adjusted EBITDA margin only slipped 1 p.p. even as pulp segment earnings fell ~19%.

Industrial bags faced tariff pressure on exports; Klabin redirected volume domestically. Treat that as a mix story inside packaging, not a collapse of the corrugated franchise.

Cost — flat R$ 3,204/t at group level, pressure under the hood

Headline total cash cost was R$ 3,204 per tonne sold, unchanged vs 2Q25 — the number management put on the cover slide.

Underneath:

• COGS rose 9% per tonne (R$ 2,533/t), with chemicals, fuel, and fiber logistics cited (including El Niño-related wood safety stock).
• Selling expenses fell 5% per tonne, helped by container freight renegotiation and a stronger real on export logistics.
• Other net income was positive (R$ 72/t), including R$ 63/t from land sales (forestry monetization).

Pulp-only cash production cost was R$ 1,397/t (+8% YoY) — higher than the group average because paper/packaging conversion costs sit in other lines.

Klabin reaffirmed 2026 guidance for total cash cost (R$ 3.2–3.3 thousand/t including maintenance stoppages) from the December 2025 material fact.

Leverage, cash, and capital returns

Net debt fell to R$ 24.0 billion (−14% YoY). Leverage in USD ended at 3.2× LTM EBITDA, down 0.7× from 2Q25 and 0.1× from 1Q26 — the path management emphasizes on the call.

Free cash flow was negative R$ 236 million in the quarter. The release lists semiannual bond interest (R$ 641 million), working capital for kraftliner inventory ahead of Otacílio Costa maintenance in 3Q26, and El Niño wood stock build. LTM adjusted free cash flow was R$ 704 million (yield 3.1% per company definition) — down from a 12.6% yield on the same metric a year earlier, largely on working capital seasonality.

Dividends & interest on capital paid in the quarter: R$ 278 million (14% of EBITDA, per presentation). The release also flags a share repurchase program (material fact) alongside leverage work.

ROIC was 9.0% in 2Q26 (−1.6 p.p. YoY), with higher maintenance capex and average invested capital cited.

How this compares with other 2Q26 pulp reads

The SUZB3 note on this blog focused on a pure pulp exporter: large net income swing from derivatives and a volume cut in Asia. Klabin's 2Q26 story is narrower on profit volatility but broader on business mix: packaging pricing and paper volume offset part of the BRL translation hit, and group cash cost per tonne stayed flat even as pulp unit cost rose.

Neither print is "better" — they answer different questions. Klabin is useful when you want to see how downstream integration and domestic corrugated interact with USD pulp.

Limits of this reading

• Segment EBITDA for paper and packaging is not broken out in the same way as pulp in the release; consolidated adjusted EBITDA is the cleanest group line.
• Land sale proceeds affect other net — adjust mentally when comparing quarter to quarter.
• 1Q26 loss makes sequential net income comparisons noisy.
• World Cup, El Niño, and maintenance stoppage narratives are management explanation until the ITR confirms line items.
• This note does not include a live B3 price snapshot; check the company page for market data.

Where to view in the explorer

• KLBN11 — Klabin
• Company list
• Blog

Sources

• Klabin S.A. — Earnings Release 2Q26 (English), 06/08/2026: MZ IQ PDF
• Klabin — 2Q26 Earnings Presentation: MZ IQ PDF
• Klabin IR — Results center
• KLBN11 on the explorer — CVM filings and company page

Disclaimer

This article is for informational and educational purposes only. It is not investment advice. Adjusted EBITDA, segment EBITDA, free cash flow, and leverage ratios are different layers of the same quarter. When in doubt, the official CVM ITR and Klabin's investor materials prevail. Refer to those documents and, if needed, a licensed professional.