Part of this growth was expected due to the ramp-up of production at the Puma II project in Ortigueira, Paraná state. But a key driver was also Klabin’s entry into new markets, said Gabriela Woge, the company’s head of corporate finance and investor relation

“We’re expanding mainly in Asia, in countries like China and India, as well as Morocco and other places where Klabin hadn’t operated before,” Ms. Woge said in an interview with Valor.

With the U.S. imposing tariffs, many of these countries have sought to diversify suppliers to reduce reliance on American products, creating opportunities for new players, including Brazil.

Double-digit growth

In the third quarter, Klabin’s total paper volume rose 10% year over year to 375,000 tonnes. Kraftliner alone grew 23%. Net revenue in the paper segment reached R$1.8 billion, up 11% from a year earlier.

Klabin’s packaging business also performed well. Shipments of corrugated board advanced 6.6% in square meters, reaching 456 million m² between July and September, driven by output from the Figueira project. Sales volume grew 5.9% year over year to 250,000 tonnes, with a 13% increase in pricing.

As a result, revenue from the packaging segment climbed 20% to R$1.6 billion. “The company has been using its flexibility to grow in segments that offer greater resilience,” Ms. Woge said. That’s reflected in the rising share of exporters, especially in fruit, protein, and tobacco, in Klabin’s customer base.

The company’s pulp division was the weak spot in the quarter, analysts said. Sales volume rose 25% to 401,000 tonnes, but revenue slipped 3% due to an 8% drop in short-fiber prices.