Irani advances USD 95m Santa Luzia paper machine expansion as Q3 revenue hits record
Irani Papel e Embalagem has settled the main technical definitions and execution work for Gaia XII. The project has planned gross investment of USD 95m (BRL 514m) and will raise capacity of Paper Machine 07 at its Santa Luzia plant in Minas Gerais by 60%. The Brazilian producer reported record third-quarter 2026 net revenue of USD 84.0m (BRL 456.6m), up 5.3% year on year, and adjusted EBITDA of USD 28.0m (BRL 152.0m), up 3.9%, at a 33.3% margin. Packaging sales volumes rose 11.5% while the Brazilian market slipped 0.1%, lifting its market share to 4.3% from 3.8%.
Why this mattersExpanding paper capacity while gaining box share in a flat Brazilian market strengthens Irani's integrated supply and raises competitive pressure on domestic corrugated rivals.
- Gaia XII at Santa Luzia, Minas Gerais: planned gross investment USD 95m (BRL 514m) to raise Paper Machine 07 capacity by 60%
- Q3 2026 net revenue USD 84.0m (BRL 456.6m), up 5.3% year on year, a quarterly record
- Q3 adjusted EBITDA USD 28.0m (BRL 152.0m), up 3.9% year on year, margin 33.3%
- Sustainable packaging sales volume up 11.5% against a 0.1% decline in the Brazilian market; market share 4.3% from 3.8%
- Q3 net profit USD 10.4m (BRL 56.5m), up 34.3% year on year
- Net debt to adjusted EBITDA 1.89x; proposed dividend USD 2.6m (BRL 14.0m)