BRAZIL - Eucatex, one of the largest panel manufacturers in Brazil, with operations also in the paint, varnish, laminate flooring and door segments, announced its results for the first quarter of 2021 (1Q-2021).

Sales revenue in 1Q-2021 reached BRL 529.5 million, compared to BRL 369.0 million in 1Q-2020, a solid 43.5% above.

Recurring EBITDA amounted to BRL 126.7 million, a strong increase of 88.5% compared to 1Q-2020. Recurring EBITDA Margin reached 23.9% in 1Q-2021, increasing by 5.7 percentage points compared to the same period in 2020.

Net Profit for 1Q-2021 amounted to BRL 59.5 million compared to losses of BRL 11.3 million in 1Q-2020.

In the Wood Segment, sales grew 40.0% in 1Q-2021 compared to 1Q-2020. The devaluation of the currency and the price increases implemented in the internal market in response to the growing cost increases that the Company has been experiencing, contributed to this performance.

Investments made totaled BRL 35.1 million in 1Q-2021, intended to maintain the Company's industrial and forestry activities. For 2021, investments of the order of BRL 175.9 million are expected, which represents a growth of 14.7%, with respect to 2020, justified by a significant increase in the volume of planting of new forests and by increases in the prices of imported parts and services, due to the devaluation of the currency.