Citi reiterates BRL 23 target for Klabin stock

Published on 10/16/2026 at 00:46 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Citi projects BRL 1.9 billion EBITDA for the third quarter of 2026. Citi gives Klabin stock a BRL 23 target and cites BRL 3,350 per ton cash costs.

Forecast and financial position

On October 15, 2026, Citi projected BRL 1.9 billion in third-quarter EBITDA for Klabin.
In the second quarter of 2026, revenue reached BRL 5.2 billion and EBITDA reached BRL 2.0 billion.
Klabin stock stood at BRL 18.11 at 5:05 p.m. BRT on B3 on October 15, 2026.

Klabin, US49834M1009, Illustration mit AI erstellt.

Klabin (ISIN US49834M1009) received a BRL 23.00 per-unit target from Citi, which reiterated its recommendation on October 15, 2026, Money Times reported. The bank projected BRL 1.9 billion in earnings before interest, taxes, depreciation and amortization for the third quarter of 2026 and estimated cash costs at BRL 3,350 per ton.

Three events shape the outlook

On May 7, 2026, Klabin's earnings call put first-quarter operating cash flow at BRL 896.7 million, according to Yahoo Finance. On August 5, 2026, the company reported second-quarter results covering revenue of BRL 5.2 billion and EBITDA of BRL 2.0 billion, figures also detailed in the call transcript and dated results record from Zonebourse. On October 15, 2026, Citi's third-quarter forecast became the latest market event.

What does BRL 3,350 per ton mean?

The cost estimate makes operating efficiency the key test for the next report. Money Times said maintenance at Otacilio Costa, higher forestry expenses and the preparation for El Nino were weighing on costs, even as seasonal demand supported paper and packaging volumes. Citi also expects the company's leverage to remain broadly stable through the end of 2026.

Reporting date ahead

The published agenda lists October 28, 2026, for Klabin's third-quarter results, according to Zonebourse. That release will provide the first reported figures against Citi's BRL 1.9 billion EBITDA forecast.

B3 valuation context

Klabin's B3 units had a 52-week range of BRL 16.10 to BRL 21.25 as of October 15, 2026. The company had a market capitalization of BRL 22.6 billion on that date, while its second-quarter net debt stood at BRL 24.0 billion and leverage was 3.2 times, down 0.7 times year over year.

The last quoted B3 price was BRL 18.11 on October 15, 2026 at 5:05 p.m. BRT. The company is listed as Klabin S.A. on B3 under the KLBN11 ticker and operates in paper, packaging and pulp.