Analysis Center

Irani (RANI3) posts 4.7% growth in net revenue and 15.9% increase in Adjusted EBITDA in 3Q25

• • Net revenue of BRL 433.5 million, up 4.7% year-on-year and 4.8% quarter-on-quarter
  • Adjusted EBITDA from continuing operations of BRL 146.2 million, a 15.9% increase compared to 3Q24 and 14.6% higher than in 2Q25, with a margin of 33.7%
  • Net income of BRL 42.1 million, 5.3% higher than in 3Q24, reflecting operational consistency and normalization of non-recurring effects
  • Net debt/Adjusted EBITDA of 2.06x, down from 2.30x in 2Q25, and within the 2.5x limit set by the Company’s Financial Management Policy
  • Cash position of BRL 681.5 million, up 8.7% compared to 2Q25 and 16.3% higher year-on-year
  • Conclusion of the 2024 Share Buyback Program, with 9.3 million shares canceled, and launch of the new 2025 Program
  • Dividends of BRL 169.1 million distributed over the last 12 months (BRL 0.73 per share, 9.8% dividend yield)
  • Investment of BRL 125.9 million approved for Project Gaia V – São Luiz Repowering, increasing renewable energy generation and operational efficiency
  • ESG recognition: received the ANEFAC Transparency Trophy for the 5th consecutive year and was named a Top 10 Outstanding Company, in addition to the “AA.br” rating assigned by Moody’s Local BR

“The growth in EBITDA and margins demonstrates the strength of our business model and the direct results of investments made in recent years. We have managed to increase profitability and maintain cash generation, reflecting operational efficiency and disciplined strategy execution,” said Odivan Cargnin, Chief Financial and Investor Relations Officer at Irani.

Following its strategy of prioritizing profitability over volume, corrugated cardboard sales declined 8% year-on-year, while paper sales remained stable. Compared to the previous quarter, corrugated cardboard sales grew 2.5% and paper sales increased 7.0%, driven by positive market seasonality and gradual price recovery.

Irani closed the quarter with strong cash generation and a healthy capital structure, with 89% of total debt long-term and 99% denominated in local currency. The net debt/EBITDA ratio fell to 2.06x, remaining within the 2.5x limit set by the Company’s Financial Management Policy.

Summary of 3Q25:

Operating Cash Generation (Adjusted EBITDA FROM CONTINUING OPERATION)

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