Klabin's net revenue amounted to R$ 4.422 billion in 1Q 2022, a growth of 28% in relation to 1Q 2021 as a result of price adjustments over recent quarters at all units, both in the local as well as the international market, offsetting the effect of the 5% appreciation in the Real against the US$ on exports over the same comparative period.
Adjusted EBITDA in the 1Q 2022 was R$ 1.726 billion, 38% greater than 1Q 2021, excluding non-recurring effects, a reflection of price readjustments implemented in the last few quarters which more than compensated for pressure on costs and the appreciation of the Real against the US$ in the period. As a result, the Adjusted EBITDA margin in 1Q 2022 was 39%, an improvement of 3 p.p. compared to the same quarter in 2021.
In the 1Q 2022, pulp production volume was 14% down year-on-year, the result of a general maintenance shutdown at the Puma I unit in Ortigueira executed in February, the last general stoppage at the plant having occurred in December 2020.
Paper production in 1Q 2022 was 20% higher than the same quarter in 2021. This performance reflects an increase of 27% in coated board production in the same comparative period, due to the calendar effect of the general maintenance shutdown at the Monte Alegre unit, which in 2021 was completed in 1Q 2021 but in 2022, in 2Q22.
In addition, containerboard production in 1Q 2022 was 17% up on 1Q 2021, this reflecting an output of 79 thousand tons from PM 27, the first stage of the Puma II Project that startup in August 2021. This additional volume compensated for the general maintenance stoppages carried out in 1Q 2022, as detailed below, and the reduction in recycled paper production for conversion into packaging due to flat corrugated box demand in the period.
Klabin is a leader in the markets of cardboard packaging, industrial bags and the only company in Brazil that offers market solutions in short fiber, long fiber and fluff pulp.
