BRAZIL – In the first quarter of 2024 (1Q-2024), Dexco experienced a 13.1% annual growth in Net Sales Revenue compared to the same period in 2023, with improvements seen across all divisions, particularly in Wood.

This growth was supported by strong performances in the panels segment and proactive forestry operations. Dexco concluded the quarter with a Net Sales Revenue of BRL 1,936.0 million.

In line with the success of the panel segment, Dexco also witnessed an approximate 8.3% increase in total export volume during 1Q-2024. The company closed the quarter with an Adjusted and Recurring EBITDA of BRL 441.7 million, boasting a margin of 22.8%, marking a 25.8% improvement over 1Q-2023. This improvement was primarily driven by the solid performance of the Wood Division, fueled by growth in the panels segment and forestry operations. Recurring Net Income for 1Q-2024 totaled BRL 27.0 million, reflecting a 75.3% decrease compared to 1Q-2023.

Due to a rise in wood consumption driven by increased panel factory utilization and forestry operations, the company had to boost its reforestation investments, totaling BRL 115.5 million this quarter, up 44.9% from 1Q-2023. Consequently, despite reducing maintenance expenditures while preserving operational efficiency, Dexco concluded 1Q-2024 with a total Sustaining Capex investment of BRL 159.7 million, representing a 14.4% increase over the same period last year.

The solid panels sector market performance, coupled with growth in market share, led the Wood Division to close out 1Q-2024 with growth of 17.5% over the same period the previous year, with a total volume of 759.1 thousand m³, of which 24.2% was shipped to the Colombian operation and external market.