Call de Resultados4T14

KLBN11

EARNINGS CALL4Q14

Earnings Call – 3Q15OCTOBER 27, 2015

Average exchange Kraftlinerlist price FOEX

ECONOMIC SCENARIO

Financeiro e RI

PIB ABPO* IBÁ**

-2.8%-3% -5%

34,9%4%

Focus`s Estimation of 23/10/2015

2015(Jan-Sep)

2015(Jan-Aug)

2014 2015(Jan-Sep)

2014 2015(Jan-Sep)

*Associação Brasileira de Papel Ondulado (ABPO)**Instituto Brasileiro de Árvore (IBÁ)

2,35

3,17

557579

HIGHLIGHTS

NET REVENUE

R$1,446 million Net revenue of R$1,446 million, 13% up on 3Q14. Year-to-date net revenue came to R$4,092 million, also 13% more than in 9M14.

EXPORT VOLUME

8% growth Export sales volume came to 154 thousand tonnes, 8% up on 3Q14 and 11% up on 2Q15, underlining Klabin’s flexibility in a scenario of a weakened Brazilian economy.

ADJUSTED EBITDA

R$520 million Adjusted EBITDA of R$520 million in the quarter, 15% higher than in the same period last year, with an EBITDA margin of 36%, versus 35% in 3Q14. In the first nine months, adjusted EBITDA totaled R$1,372 million, 13% more than in 9M14.

INVESTMENTS

R$1.1 billion Given the acceleration of the Puma Project disbursements, investments amounted to R$1,113 million in 3Q15, R$970 million of which in the new pulp mill.

PUMA PROJECT

87% complete The works for Klabin’s new 1.5 million tonnes p.a. pulp mill closed 3Q15 87% complete, with 70% of the investments already disbursed.

3Q14 3Q15

67%

31%

69%

33%467 463

3Q14 3Q15

67%

24%

76%

33%1,282

1,450-1%

+13%

SALES

Net Revenue(R$ million)

Sales volume(excluding wood – tsd tonnes)

Domestic Market Exports

922

939

1,02

7

1,08

9 1,18

0 1,28

6

1,35

1

1,42

4

1,45

2

1,50

4

1,56

2

1,60

2

1,62

7

1,65

2

1,71

8

1,75

5

1,81

2

1,88

1

EBITDA GROWTH

1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8

-

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

Jun-11 Sep-11 Dec-11Mar-12Jun-12 Sep-12 Dec-12Mar-13Jun-13 Sep-13 Dec-13Mar-14Jun-14 Sep-14 Dec-14Mar-15Jun-15 Sep-15

17TH CONSECUTIVE QUARTER GROWTHEBITDA GROWTH

CASH BALANCE AND DEBT

in 09/30/15Gross Debt R$ 17.5 billionCash R$ 5.9 billionNet Debt R$ 11.6 billion

3,13

6

3,43

7

3,59

5

3,98

5

2,71

1

2,82

4

4,02

8 5,24

2

7,44

0

8,14

4

11,6

14

2.2 2.4 2.4 2.6

1.7 1.7

2.4

3.0

4.24.5

6.2

2.2 2.2 2.3 2.4

1.7 1.82.3

2.7

3.33.8

4.6

0.00.51.01.52.02.53.03.54.04.55.05.56.06.57.0

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000 M

ar-1

3

Jun-

13

Sep

-13

Dec

-13

Mar

-14

Jun-

14

Sep

-14

Dec

-14

Mar

-15

Jun-

15

Sep

-15

NET DEBT AND LEVERAGE

Net Debt (R$ million) Net Debt/EBITDA (R$) Net Debt/EBITDA (US$)

Works completed reached 87% in September 15

CAPEX

R$ million 3Q15 9M15Forestry 26 70Maintenance 88 234Special projects and growth 29 101Puma Project 970 2,858Total 1,113 3,263

Expansion Projects Additional capacityPuma Project 1,5 million tonnesInvested in the project R$ 5,199 million

k l a b i n . c o m . b r

Thank You!