Slides
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3Q25 - Earnings Conference Call Material Fact - Association Agreement SLC Agrícola and FIPS Speakers: Aurélio Pavinato - CEO Ivo Brum – Chief Financial and IR Officer André Vasconcellos – Financial Planning and IR Manager
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Escolha do idioma + Q&A 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. 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
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Market Overview
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Cotton (ICE) SPOT Dec 25 - U$ cents\pd 65.23 (ICE) Mar 26 – U$ cents\pd 66.40 (ICE) May 26 - U$ cents\pd 67.57 (ICE) Jun 26 - U$ cents\pd 68.66 -16.8% US planted area | -2.8% US Yield 2025/26 vs 2024/25 Price MARKET OVERVIEW Consumption World supply & demand (million bales) Production GAP (U$ cents/Pound) 13.3 -10.9 -1.6 3.7 -2.4 0.1 -1.2 105.2 124.5 115.8 112.6 115.0 119.1 118.9 118.5 113.6 114.2 116.3 112.6 119.2 117.7 -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* 2019 2020 2021 2022 2023 2024 2025 Price > Source: Bloomberg (CBOT). Last update: November, 6th 2025 | WSD > Source: USDA (September, 2025) | *Forecast. 04/11/2019 04/11/2020 04/11/2021 04/11/2022 04/11/2023 04/11/2024 04/11/2025 65.23 4
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Soybean (CBOT) SPOT Nov 25 - USD\bu 11.19 (CBOT) Mar 26 - USD\bu 11.42 (CBOT) May 26 - USD\bu 11.50 (CBOT) Jun 26 – USD\bu 11.57 -6.9% US planted area | +5.5% US Yield 2025/26 vs 2024/25 (USD/Buschel) World supply & demand (million tons) MARKET OVERVIEW Price Consumption Production GAP Price > Source: Bloomberg (CBOT). Last update: November, 6th 2025 | WSD > Source: USDA (September, 2025) | *Forecast. -18.6 2.5 -5.7 11.5 12.8 13.8 2.0 360.0 367.1 366.3 366.7 383.6 410.4 423.9 341.4 369.6 360.6 378.2 396.4 424.2 425.9 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25* 2025/26* 04/11/2019 04/11/2020 04/11/2021 04/11/2022 04/11/2023 04/11/2024 04/11/2025 2019 2020 2021 2022 2023 2024 2025 11.19 5
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Corn (CBOT) SPOT Dec 25 - USD\bu 4.35 (CBOT) Mar 26 - USD\bu 4.49 (CBOT) May 26 – USD\bu 4.58 (CBOT) Jun 26 – USD\bu 4.64 +8.9% US planted area | +4.1% US Yield 2025/26 vs 2024/25 MARKET OVERVIEW World supply & demand (million tons)Price Consumption Production GAP -8.2 -19.1 39.9 -1.7 5.3 -20.5 5.7 1,133.8 1,152.9 1,180.4 1,167.3 1,225.8 1,249.4 1,280.9 1,125.6 1,133.8 1,220.3 1,165.6 1,231.1 1,228.9 1,286.6 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25* 2025/26* 25 35 45 55 65 75 85 95 105 115 200 ,00 300 ,00 400 ,00 500 ,00 600 ,00 700 ,00 800 ,00 900 ,00 01/10/2019 01/10/2020 01/10/2021 01/10/2022 01/10/2023 01/10/2024 01/10/20252019 2020 2021 2022 2023 2024 2025 CBOT 4.35/bu. B3 68.44/sc. Price > Source: Bloomberg (CBOT). Last update: November, 6th 2025 | WSD > Source: USDA (September, 2025) | *Forecast. B3 CBOT 6 6 (USD/Buschel)
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Closing 2024/25 Crop Year
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Yields (kg/ha) Closing 2024/25 Crop Year Soybean CornCotton Lint (avg. 1st and 2nd crop) 3,976 1,980 7,542 3,622 1,954 6,499 3,964 1,914 8,243 Source: 3Q25 Release and Conab Report: Acompanhamento da Safra Brasileira Grãos (October 2025) Budget 2024/25 Achieved 2024/25 Budget 2024/25 Achieved 2024/25 Budget 2024/25 Achieved 2024/25 - 0. 3% vs. budget +9.4% vs. national avg. - 3. 3% vs. budget - 2. 0% vs. national avg. +9. 3% vs. budget +26 . 8% vs. national avg. 8
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Unit Cost (Kg/ha) Source: 3Q25 Release Closing 2024/25 Crop Year 9 Crop mix Yield Cost Cost Yield Cost Cost ∆% Achieved Achieved Achieved Achieved Achieved Achieved b x a (Kg/ha) (R$/ha) (R$/Kg) (Kg/ha) (R$/ha) (R$/Kg) 2023/24 2023/24 2023/24 (a) 2024/25 2024/25 2024/25(b) Cotton lint 1st crop 1,995 13,967 7.00 1,831 14,187 7.75 10.7% Cotton lint 2nd crop 1,827 12,443 6.81 2,008 13,167 6.56 -3.7% Soybean (commercial + seed) 3,264 5,349 1.64 3,964 4,709 1.19 -27.4% Corn 2nd crop 7,093 4,495 0.63 8,243 4,316 0.52 -17.5%
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Hedge Position 2023/24 – 2024/25 Closing 2024/25 Crop Year Source: 3Q25 Release FX Hedge – Soybean Commercial Hedge – Soybean Crop Year 2023/24 2024/25 Crop Year 2023/24 2024/25 % 100.0 99.7 % 100.0 99.7 R$/USD 5.2377 5.6244 USD/bu 12.35 11.48 Commitments % - - Commitments % - - FX Hedge – Cotton Commercial Hedge – Cotton Crop Year 2023/24 2024/25 Crop Year 2023/24 2024/25 % 100 92.9 % 100.0 63.0 R$/USD 5.4503 6.0990 US¢/lb 80.41 76.27 Commitments % - - Commitments % - - FX Hedge – Corn Commercial Hedge – Corn Crop Year 2023/24 2024/25 Crop Year 2023/24 2024/25 - - - % 37.8 57.1 - - - R$/bag 53.04 51.28 % 100.0 98.7 % 62.2 39.3 R$/USD 5.4841 5.7572 USD/bag 8.28 8.5 Commitments % - - Commitments % - - 10
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Financial Performance
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Financial Highlights Financial Performance Source: 3Q25 Release (R$ thd) 9M24 9M25 HA 3Q24 3Q25 HA Net revenue 4,940,389 6,280,882 27.1% 1,631,878 2,087,705 27.9% Gross income 1,756,365 2,354,654 34.1% 279,087 622,572 123.1% Gross margin 35.6% 37.5% 1.9p.p. 17.1% 29.8% 12.7p.p. Operational result 1,246,635 1,603,380 28.6% 72,955 284,046 289.3% Operational margin 25.2% 25.5% 0.3p.p. 4.5% 13.6% 4.8p.p. Net income 533,073 636,012 19.3% (17,282) (14,525) -16.0% Net margin 10.8% 10.1% -0.7p.p. -1.1% -0.7% 0.4p.p. Adjusted EBITDA 1,425,461 2,031,606 42.5% 463,138 531,381 14.7% Adjusted EBITDA margin 28.9% 32.3% 3.4p.p. 28.4% 25.5% -2.9p.p. Adjusted free cash (591,253) (1,478,477) 150.1% 147,502 566,945 284.4% 12
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Net Debt Financial Performance Source: 3Q25 Release (R$ thd) Average Interest Rate (%) Consolidated Period 4Q24 3Q25 4Q24 3Q25 Total Indebtedness 13.1% 15.3% 5,624,631 7,733,389 (+/-) Gains and losses with deriv. connected with applications and debt 30,809 165,128 (=) Adjusted Gross Debt 5,655,440 7,898,517 (-) Cash (1,981,162) (1,722,306) (=) Adjusted Net Debt 3,674.278 6,176.211 Adjusted EBITDA (Last 12 months) 2,036,617 2,642,762 Adjusted Net Debt/Adjusted EBITDA 1.80x 2.34x 13
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Debt profile and schedule Financial Performance Source: 3Q25 Release 31% 69% Short Term Long Term Term Short Term Long Term 1,722,306 1,137,754 1,502,287 1,239,608 1,049,470 806,838 432,458 401,303 1,328,800 Cash 2025 2026 2027 2028 2029 2030 2031 After 2031 14
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2025/26 Crop Year
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2025/26 Planted area 2025/26 Crop Year Crop Mix Planted Area Planted Area Material Fact 10/02/2025 (b) Planted Area Forecast 3Q25 (c) Share Δ% Δ% Achieved (a) 2024/25 2025/26(1) 2025/26(1) 2025/26 c x a c x b ha % Cotton 178,803 199,714 198,657 23.8% 11.1% -0.5% Cotton lint 1st crop 95,460 103,334 101,736 12.2% 6.6% -1.5% Cotton lint 2nd crop 83,343 96,380 96,921 11.6% 16.3% 0.6% Soybean (commercial + seed) 377,531 429,702 431,206 51.6% 14.2% 0.4% Corn 2nd crop 122,748 158,249 158,706 19.0% 29.3% 0.3% Other Crops 56,824 48,430 47,185 5.6% -17.0% -2.6% Total area 735,906 836,095 835,754 100.0% 13.6% 0.0% Source: 3Q25 Release 16
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2025/26 Crop year status Last Update: November, 4th 2025 Corn Cotton Planting not started Planting not started Soybean 62.3% planted 2025/26 Crop Year 17
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Yields 2025/26 Crop year (kg/ha) 2025/26 Crop Year Source: 3Q25 Release Yield (kg/ha) 2024/25 Crop Year 2025/26 Crop Year ∆% Budget (a) Budget (b) (b) x (a) Cotton lint 1st crop 2,041 2,066 1.2% Cotton lint 2nd crop 1,910 1,982 3.8% Cottonseed (cottonseed + cotton seed) 2,431 2,491 2.5% Soybean (commercial + seed) 3,976 4,036 1.5% Corn 2nd crop 7,542 7,738 2.6% 18
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Cost per hectare 2025/26 Crop Year Source: 3Q25 Release Total (R$/ha) Budget 2024/25 Budget 2025/26 ∆% Cotton lint 1st crop 12,876 13,846 7.5% Cotton lint 2nd crop 11,663 12,849 10.2% Soybean (commercial + seed) 4,659 5,181 11.2% Corn 2nd crop 3,967 4,346 9.5% Total average cost 6,456 7,082 9.7% 19
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Hedge Position 2024/25 – 2025/26 2025/26 Crop Year Source: 3Q25 Release FX Hedge – Soybean Commercial Hedge – Soybean Crop Year 2024/25 2025/26 Crop Year 2024/25 2025/26 % 99.7 34.9 % 99.7 48.4 R$/USD 5.6244 5.9232 USD/bu 11.48 11.02 Commitments % - 29.4 Commitments % - 11.8 FX Hedge – Cotton Commercial Hedge – Cotton Crop Year 2024/25 2025/26 Crop Year 2024/25 2025/26 % 92.9 25.9 % 63.0 27.2 R$/USD 6.0990 6.3998 US¢/lb 76.27 74.17 Commitments % - 23.6 Commitments % - - FX Hedge – Corn Commercial Hedge – Corn Crop Year 2024/25 2025/26 Crop Year 2024/25 2025/26 - - - % 57.1 6.5 - - - R$/bag 51.28 54.44 % 98.7 40.0 % 39.3 12.1 R$/USD 5.7572 5.7842 USD/bag 8.50 8.35 Commitments % - 19.4 Commitments % - - 20
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Sales estimate 2026 (bags of 200 thousand seeds) Source: 3Q25 Release *Forecast 437,778 685,100 856,000 1,020,575 1,211,455 1,400,000 1,800,000 19,000 80,180 116,471 129,950 143,759 145,000 157,000 2020 2021 2022 2023 2024 2025* 2026* 2025/26 Crop Year Soybean Cotton 21
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Irrigation • Initial project released
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Initial irrigation project (ha) Source: Material Fact in July 9th, 2025. Irrigation 16,025 19,385 53,180 +3,360 +33,795 Current irrigated area 2024/25 Piratini Farm Irrigation implemention upcoming years 2025/26 +21.0% Upcoming years +231.9% 23
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Association SLC Agrícola x FIPs • Strategy • Structure • Project location and schedule
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Strategy Monetizing the land at market price. Maximizing operational efficiency through irrigation projects. Agricultural partnership agreement Association SLC Agrícola x FIPs Term: 18 years Payment: 19% of agricultural production 25
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R$1,034 billion Subscription of Piratini Farm and irrigation infrastructure Association Agreement *BTG Pactual Serviços Financeiros S.A. Distribuidora de Títulos e Valores Mobiliários 50.01% 49.99% Association SLC Agrícola x FIPs * FIPs 26
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Irrigation project and location Association SLC Agrícola x FIPs 39,523 27,934 67,457 1ª safra Irrigado Total plantado ➢ Piratini: 31,256 ➢ Paladino: 36,201 +70.07% increase in irrigated area compared to the physical area. ➢ Piratini: 18,052 ➢ Paladino: 21,471 ➢ Piratini: 13,204 ➢ Paladino: 14,730 PI PDPaladino – São Desidério Piratini – Jaborandi BA Irrigated1st crop Total planted 27
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We believe that those who have passion for what they do are committed and do it with the highest quality, preserving their integrity through an ethical conduct, consistent and unquestionable. These attitudes together generate long lasting relationship between all the interested parties, producing sustainable results that are economically viable, socially just and environmentally responsible. To positively impact future generations, through global leadership in agribusiness and respect to the planet. Our Big Dream Our values 28
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Investor Relations Department Chief Financial and Investor Relations Officer Ivo Marcon Brum Financial Planning and Investor Relations Manager André Vasconcellos Investor Relations Analyst Daniel Batista Investor Relations Specialist Laiza Rocha + 55 51 3230.7797 ri@slcagricola.com.br slcagricola.com.br Investor Relations Coordinator Alisandra Reis 29
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We make forward-looking statements that are subject to risks and uncertainties. These statements are based on the beliefs and assumptions of our management, and on information currently available to us. Forward-looking statements include statements regarding our intent, belief or current expectations or that our directors or executive officer. Forward-looking statements also include information concerning our possible or assumed future results of operations, as well as statements proceeded by, followed by, or that include the words “believes”, “may”, “will”, “continues”, “expects”, “anticipates”, “intends”, “plans”, “estimates” or similar expressions. Forward-looking statements are not guarantees and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur. Our future results and shareholder values may differ materially from those expressed in or suggested by these forward-looking statements. Many of the factors that will determine these results and values are beyond our ability to control or predict. Disclaimer 30