Analysis Center

Irani (RANI3) ends 2024 with net revenue of R$1.6 billion and net profit of R$304.5 million

• • Net revenue of R$1.6 billion in 2024, up 2.1% compared to 2023. In 4Q24, revenue was R$424.0 million, up 10.1% compared to 4Q23.
  • Corrugated Cardboard volume grew 5.7% in 2024, surpassing the market’s 4.8% increase (Empapel).
  • Adjusted EBITDA of R$475.7 million in 2024, with a margin of 29.2%. In 4Q24, Adjusted EBITDA of R$115.4 million, an increase of 3.1% over 4Q23.
  • More than 20 million shares repurchased since 2021 (8% of the shareholder base).
  • Now part of the ICO2 B3 index, reinforcing the ESG commitment.
  • GPTW Recognition: 32nd best company to work for in Brazil and 4th best industry.

Net revenue reached R$1.6 billion in 2024, up 2.1% compared to last year. In the quarter, net revenue was R$424.0 million, up 10.1% over 4Q23, reflecting better prices in the Sustainable Packaging and Sustainable Packaging Paper segments.

The sales volume of the Sustainable Packaging segment (Corrugated Cardboard) was one of the highlights in 2024, with growth above the market: 5.7% – in the same period, Empapel reported an already significant increase of 4.8%. This performance was driven by the more heated market and the ramp up of production capacity added by the Gaia II Project.

Adjusted EBITDA in 4Q24 was R$115.4 million, with a margin of 27.2%, an increase of 3.1% compared to 4Q23 (R$111.9 million with a margin of 29.1%). In the year, EBITDA was R$475.7 million with a margin of 29.2%, a decrease of 3.0% compared to 2023.

“Despite the sharp increase in the price of OCC, Irani maintained a stable level of EBITDA and margin, mainly due to the capture of returns on investments made in the Gaia Platform,” reinforces Irani’s Director of Administration, Finance and Investor Relations, Odivan Cargnin. The price of scrap, Irani’s main raw material, increased 73.1% compared to 4Q23 and 28.2% year-on-year, as a result of the weather event in Rio Grande do Sul in May.

The company recorded net income of R$186.2 million in 4Q24 and R$304.5 million in 2024. The quarterly result was driven by the recognition of tax credits in the total net amount of R$168.2 million, referring to the right to exclude presumed ICMS credits from the IRPJ and CSLL bases. When compared on a recurring basis, net income in 2024 was R$136.3 million, while in 2023 it was R$247 million.

Irani is executing its third Share Buyback Program, starting in 2024. As of December 31, 2024, 6,300,800 shares had been repurchased at an average price of R$7.80 per share. Considering all share buyback programs since 2021, there were more than 20 million shares, corresponding to 8% of the shareholder structure. The strategy aims to enhance the creation of value for shareholders in the long term.

For the first time, Irani joined the B3 Carbon Efficient Index (ICO2 B3). The company was also recognized as the 32nd best company to work for in Brazil and as the 4th best industry, according to the GPTW ranking.

2024 Summary:

Operating Cash Generation (Adjusted EBITDA)

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