BRAZIL - Guararapes Paineis reported consolidated sales of BRL 401.9 million in the first quarter of 2022 (1Q-2022) an increase of 14.2% compared to 1Q-2021 (BRL 352 million).

Sales of MDF reached BRL 228.3 million in the 1Q-2022 compared to BRL 191.7 million in the 1Q-2021, up by 19.1%.

EBITDA in the 1Q-2022 was down 8.2% compared to 1Q-2021 and reached BRL 140.8 million (1Q-2021: BRL 153.3 million).

The year 2022 started with an uncertain scenario. The continuing scenario of rising inflation and, therefore, higher interest rates, intensified with the conflict between Russia and Ukraine and negatively impacted the prices of the Company's main inputs and therefore its performance margins.

Guararapes manufactures MDF panels and is among the largest plywood panel exporters in Latina America. Currently operating with three factories in Caçador/SC (MDF), Palmas/PR (Plywood) and Santa Cecília/SC (Plywood).