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EARNINGS CONFERENCE CALL 1Q25 Speakers: Ivo Brum - Chief Financial and Investor Relations Officer André Vasconcellos – Financial Planning and Investor Relations Manager AGRICULTURE AT ITSBEST 1
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ESCOLHA DO IDIOMA + Q&A PORTUGUÊS Essa videoconferência será em português, com tradução simultânea para o inglês. Alteração de Idioma: para acessar a tradução simultânea, clique no botão Interpretation, na parte inferior direita da tela, e escolha o idioma “Inglês”. Para fazer perguntas: clique no ícone Q&A e escreva sua pergunta para entrar na fila. Ao ser anunciado, uma solicitação para ativar seu microfone aparecerá na tela e, então, você deve ativar o seu microfone para fazer perguntas. Orientamos que as perguntas sejam feitas todas de uma única vez. ENGLISH The following presentation will be held in Portuguese, with simultaneous translation to English. Language settings: to enable the English simultaneous translation, click on the Interpretation button, at the bottom right of the screen, and choose the “English” option. To ask questions: please click on the Q&A icon and write your question. If announced, a request to activate up on your screen; then, you should enable your audio to ask your question. We kindly ask you to make all questions at once. Simultaneous Translation Ask your question Tradução Simultânea Faça sua pergunta 2
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MARKET OVERVIEW 3
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(Cents/Libras) (ICE) SPOT Jul 25 - US¢\pd 66.61 (ICE) Dec 25 - US¢\pd 68.67 (ICE) Mar 26 - US¢\pd 69.93 (ICE) May 26 - US¢\pd 70.85 4 2019 2020 2021 2022 2023 2024 2025 09/05/2019 09/05/2020 09/05/2021 09/05/2022 09/05/2023 09/05/2024 09/05/2025 66.61 Price -> Fonte: Bloomberg (CBOT). Last Update: May, 12th 2025 / Ref.: 09/05/2025 WSD -> Fonte: USDA (April, 2025) | *Previsto MARKET OVERVIEW > COTTON PRICE WORLD SUPPLY & DEMAND (million bales) -11.7% USA Planted Area -6.1% USA Yield 2025/26 VS 2024/25 *Forecast GAPConsumption Production 13.3 -10.9 -1.6 3.7 -1.8 4.4 -0.3 105.2 124.5 115.8 112.6 114.8 116.7 118.1118.5 113.6 114.2 116.3 113.0 121.1 117.8 -20,0 -10,0 0,0 10,0 20,0 30,0 40,0 50,0 60,0 70,0 40 50 60 70 80 90 100 110 120 130 140 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25* 2025/26* Million bales
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(USD/Bushel) (CBOT) SPOT May 25 - USD\bu 10.44 (CBOT) Jul 25 - USD\bu 10.51 (CBOT) Aug 25 - USD\bu 10.47 (CBOT) Sep 25 – USD\bu 10.26 *Forecast 5 2019 2020 2021 2022 2023 2024 20252018 Preço -> Fonte: Bloomberg (CBOT). Last Update: May, 12th 2025 / Ref.: 06/05/2025 WSD -> Fonte: USDA (Abril, 2025) | *Forecast SOYBEAN PRICE -4.1% USA Planted Area +3,6% USA Yield 2025/26 VS 2024/25 MARKET OVERVIEW > WORLD SUPPLY & DEMAND (million tons) GAPConsumption Production -18.6 2.5 -5.7 11.5 13.2 10.6 2.8 360.0 367.1 366.3 366.7 384.1 410.2 424.0 341.4 369.6 360.6 378.2 397.3 420.8 426.8 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25* 2025/26* Million tons 1.59 9.38 600 800 1000 1200 1400 1600 1800 2000 -3 -2 -1 0 1 2 3 4 Basis Paranaguá-CBOT (US cents/bushel) CBOT 10.34 0.18
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(CBOT) SPOT May 25 - USD\bu 4.41 (CBOT) Jul 25 - USD\bu 4.49 (CBOT) Aug 25 – USD\bu 4.29 (CBOT) Sep 25 – USD\bu 4.42 (USD/Bushel) 6 4.41 2019 2020 2021 2022 2023 2024 2025 09/05/2019 09/05/2020 09/05/2021 09/05/2022 09/05/2023 09/05/2024 09/05/2025 Price -> Fonte: Bloomberg (CBOT). Last Update: May, 12th 2025 / Ref.: 09/05/2025 WSD -> Fonte: USDA (April, 2025) | *Forecast *Forecast PRICE CORN MARKET OVERVIEW > WORLD SUPPLY & DEMAND (million tons) +5.4% USA Planted Area +0,9% USA Yield 2025/26 VS 2024/25 GAPConsumption Production -8.2 -19.1 39.9 -2.5 -21.5 -23.0 -1.1 1,133.8 1,152.9 1,180.4 1,166.7 1,399.7 1,244.3 1,266.0 1,125.6 1,133.8 1,220.3 1,164.2 1,378.2 1,221.3 1,264.9 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25* 2025/26* Million tons
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2024/25 CROP YEAR • Perspectives • Yields • Costs • Hedge Position 7
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3,264 1,922 7,093 3,533 1,871 5,794 3,958 1,917 7,354 Soja Algodão em pluma Média 1ª e 2ª safra Milho 2ªsafra 2024/25 > YIELDS – 2024/25 CROP YEAR (Kg/ha) 8 +21.3% 2023/24 +12.0% Conab -0.2% 2023/24 +2.5% Conab Forecast 2024/25* Source: 1Q25 Release +3.7% 2023/24 +26.9% Conab Forecast 2024/25* Forecast 2024/25* Actual 2023/24 Actual 2023/24 Actual 2023/24 *Forecast Soybean Cotton Lint 1st and 2nd crop Corn 2nd crop
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9 COST PER HECTARE 2024/25 (Kg/ha) Total (R$/ha) Budget 2023/24 Budget 2024/25 ∆% Cotton lint 1st crop 13,205 12,876 -2.5 Cotton lint 2nd crop 11,906 11,663 -2.0 Soybean (Commercial + Seed) 5,081 4,659 -8.3 Corn 2nd crop 4,303 3,967 -7.8 Total Average Cost 6,916 6,545 -5.4 Source: 1Q25 Release
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10 HEDGE POSITION 2023/24 vs. 2024/25 Source: 1Q25 Release FX Hedge – Soybean Commercial Hedge – Soybean Soybean Hedge in BRL Crop Year 2023/24 2024/25 Crop Year 2023/24 2024/25 Crop Year 2023/24 2024/25 % 100.0 83.7 % 100.0 80.5 100.0 80.5 R$/USD 5.2377 5.6374 USD/bu(2) 12.35 11.44 R$/bu 64.69 64.49 Commitments %(1) 0.0 3.2 Commitments %(1) 0.0 3.3 Variation -0.3% FX Hedge – Cotton Commercial Hedge – Cotton Cotton Hedge in BRL Crop Year 2023/24 2024/25 Crop Year 2023/24 2024/25 Crop Year 2023/24 2024/25 % 98.6 90.2 % 92.2 49.6 92.4 49.6 R$/USD 5.4465 6.0957 US¢/lb(2) 81.45 76.88 R$/lb 443.62 468.64 Commitments %(1) 0.0 0.0 Commitments %(1) - - Variation 5.6% FX Hedge – Corn Commercial Hedge – Corn Corn in Hedge BRL Crop Year 2023/24 2024/25 Crop Year 2023/24 2024/25 Crop Year 2023/24 2024/25 - % 37.5 23.3 - R$/bag(3) 53.11 50.89 R$ 48.29 50.95 % 99.9 71.5 % 62.5 27.3 Variation 5.5% R$/USD 5.4829 5.9087 USD/bag(3) 8.28 8.63 Commitments %(1) 0.0 0.0 Commitments %(1) - -
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FINANCIAL PERFORMANCE 11
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12 Source: 1Q25 Release FINANCIAL PERFORMANCE > FINANCIAL HIGHLIGHTS (R$ thd) 1Q24 1Q25 HA Net Revenue 1,956,914 2,331,042 19.1% Gross Income 646,216 1,076,055 66.5% Gross Margin 33.0% 46.2% 13.2p.p. Operational Result 498,521 866,048 73.7% Operational Margin 25.5% 37.2% 11.7p.p Net Income 228,943 510,700 123.1% Net Margin 11.7% 21.9% 10.2p.p. Adjusted EBITDA 704,223 943,656 34.0% Adjusted EBITDA Margin 36.0% 40.5% 4.5p.p. Adjusted Free Cash (195,749) (1,419,301) 625.1%
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Credit Line Average Interest Rate (%) Consolidated (R$ thd) Indexer 4Q24 1Q25 4Q24 1Q25 Applied in Fixed Assets 36,585 36,403 Finame – BNDES Prefixed 7.8% 7.9% 36,585 36,403 Applied in Working Capital 5,588,046 6,310,830 CRA CDI 12.9% 13.3% 1,551,246 1,604,446 Rural Credit Prefixed 7.0% 7.0% 11,928 6,081 Rural Credit CDI 13.2% 15.2% 1,524,121 1,849,002 Working Capital Prefixed 13.2% - 102,609 - Working Capital CDI 13.3% 15.2% 1,898,621 1,604,586 Export Loans CDI 13.3% 14.8% 499,521 1,246,715 Total Indebtedness (3) 13.1% 15.0% 5,624,631 6,347,233 (+/-)Gains and losses with deriv. connected with applic. and debt 30,809 75,946 (=) Adjusted Gross Debt 5,655,440 6,423,179 (-) Cash (1,981,162) (1,255,026) (=)Adjusted Net Debt 3,674,278 5,168,153 Adjusted EBITDA (Last 12 months) 2,036,617 2,276,051 Adjusted Net Debt/Adjusted EBITDA 1.80x 2.27x 13 Source: 1Q25 Release NET DEBT FINANCIAL PERFORMANCE >
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DIVIDENDS HISTORICAL Million R$ 4.6% 5.9% 6.3% 4.7% 3.1% 232 504 602 389 241 0 100 200 300 400 500 600 700 0,0% 1,0% 2,0% 3,0% 4,0% 5,0% 6,0% 7,0% 8,0% 2020 2021 2022 2023 2024 R$ MIlhões Dividend Yield Dividend Yield Dividendos + JCP DY AVG. 4.9% Fonte: NOTICE TO SHAREHOLDERS send on 04/29/2025 14 Base date: 05/05/2025 “Ex-Dividend” Date: 05/06/2025 Payment Date: 05/15/2025 FINANCIAL PERFORMANCE > Dividends and Interest on own Capital
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PERSPECTIVES FOR 2025/26 CROP YEAR 15
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100 300 500 700 900 1100 1300 01/05/2022 01/05/2023 01/05/2024 01/05/2025 PERSPECTIVESFOR 2025/26 CROP YEAR> INPUTS | FERTILIZERS (% purchased) Update: May, 6th, 2025 UREA CFR MAP CFR KCL CFR SSP CPT MT May/25May/22 May/24May/23 % purchased inputs afra 2025/26: 69% PHOSPHATE82% POTASSIUM CHLORIDE 57% NITROGEN 700 350 398 210 57% of crop protection acquired
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17 HEDGE POSITION 2024/25 vs. 2025/26 Source: 1Q25 Release FX Hedge – Soybean Commercial Hedge – Soybean Crop Year 2024/25 2025/26 Crop Year 2024/25 2025/26 % 83.7 20.1 % 80.5 27.1 R$/USD 5.6374 6.3082 USD/bu(2) 11.44 11.18 Commitments %(1) 3.2 47.3 Commitments %(1) 3.3 17.7 FX Hedge – Cotton Commercial Hedge – Cotton Crop Year 2024/25 2025/26 Crop Year 2024/25 2025/26 % 90.2 16.8 % 49.6 7.0 R$/USD 6.0957 6.7176 US¢/lb(2) 76.88 75.00 Commitments %(1) 0.0 31.9 Commitments %(1) - - FX Hedge – Corn Commercial Hedge – Corn Crop Year 2024/25 2025/26 Crop Year 2024/25 2025/26 - % 23.3 - - R$/bag(3) 50.89 - % 71.5 0.0 % 27.3 - R$/USD 5.9087 0.0000 USD/bag(3) 8.63 - Commitments %(1) 0.0 34.5 Commitments %(1) -
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ASSET LIGHT GROWTH Strategy 18 2025/26 CROP YEAT > +13.6% Source: Material Fact 03/06/2025 24/25* 25/26* Área Arrendada Área Própria 40% 36% 60% 64% 737 837 Leased Area Owned Area
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ASSET LIGHT GROWTH Strategy 19 2025/26 CROP YEAT > Source: Material Fact 03/06/2025 (1) Calculation of physical area +13.6% 24/25* 25/26* 737 837 43% owned area (1) 57% leased area (1) 38% owned area (1) 62% leased area (1)
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OUR VALUES OUR BIG DREAM To positively impact future generations, through global leadership in agribusiness and respect to the planet We believe that those who have PASSION FOR WHAT WE DO are committed and do it with the highest quality, preserving their INTEGRITY through an ethical conduct, consistent and unquestionable. These attitudes together generate LASTING RELATIONSHIPS between all the interested parties, producing SUSTAINABLE RESULTS that are economically viable, socially just and environmentally responsible. 20
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INVESTOR RELATIONS DEPARTMENT + 55 51 3230.7799 | + 55 51 3230.7864 www.slcagricola.com.br / ri@slcagricola.com.br Ivo Marcon Brum Chief Financial and Investor Relations Officer André Vasconcellos Financial Planning and Investor Relations Manager Alisandra Reis Investor Relations Coordinator Daniel Batista Investor Relations Analyst Laiza Rocha Investor Relations Specialist 21
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Q&A Para fazer perguntas: clique no ícone Q&A e escreva sua pergunta, para entrar na fila. Ao ser anunciado, uma solicitação para ativar seu microfone aparecerá na tela e, então, você deve ativar o seu microfone para fazer perguntas. Orientamos que as perguntas sejam feitas todas de uma única vez. To ask questions: please click on the Q&A icon and write your question. If announced, a request to activate your microphone will show up on your screen; then, you should enable your audio to ask your question. We kindly ask you to make all questions at once. Ask your question Faça sua pergunta 23