Earnings release
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1 Earnings Release | 3Q25 3Q25 Earnings Release Videoconference November, 7th 10:00 a.m. – Brasilia 08:00 a.m. – New York 01:00 p.m. – London With simultaneous translation into English and Brazilian sign language.
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2 Earnings Release | 3Q25 General Information Porto Alegre, November 6, 2025 - SLC AGRÍCOLA S.A. (B3; SLCE3; ADRs: SLCJY; Bloomberg: SLCE3BZ; Reuters: SLCE3.SA) today presents its results for the third quarter of 2025. The following financial and operating information is presented in accordance with International Financial Reporting Standards (IFRS). The information was prepared on a consolidated basis and is presented in thousands of Brazilian real, except where stated otherwise. In this Earnings Release , the terms below will have the following meaning: › 3Q24: Means the data, based on the consolidated interim financial statements, that consider the operations of the Company and of its subsidiaries for the third quarter of 2024 (July to September). › 3Q25: Means the data, based on the consolidated interim financial statements, that consider the operations of the Company and of its subsidiaries for the third quarter of 2025 (July to September). › 9M24: Refers to the data, based on the consolidated interim financial statements, that consider the operations of the Company and of its subsidiaries in the first nine months of 2024 (January to September). › 9M25: Refers to the data, based on the consolidated interim financial statements, that consider the operations of the Company and of its subsidiaries in the first nine months of 2025 (January to September). › HA: Horizontal Analysis, refers to the horizontal percentage variation between two periods. › VA: Vertical Analysis, refers to the percentage representativeness of the account over a given total. › Cotton Seed: Seeds intended for planting cotton crops. › Cottonseed: Sub-product from the production of cotton, used for manufacturing vegetable oil and animal feed. Disclaimer We make statements concerning future events that are subject to risks and uncertainties. Such statements are based on the beliefs and assumptions of our Management and on the information currently available to the Company. Forward -looking statements include information on our current plans, beliefs or expectations, as well as those of the Company’s directors and executive officers. Forward-looking statements include information on potential or assumed operating results as well as statements that are preceded, followed by or include the words "believe," "may," "will,” "continue," "expect," "project," "intend," "plan," "estimate" or s imilar expressions. Forward-looking statements and information provide no guarantee of performance as they refer to future event s, involve risks, uncertainties and assumptions and as such depend on circumstances that may or may not occur. The Company's future results and creation of value for shareholders may differ significantly from the figures expressed or suggested in the forward- looking statements. Many factors that will determine these results and values are beyond our capacity to control or predict.
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3 Earnings Release | 3Q25 Financial Highlights (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% Sales (metric tons) Crops 3Q24 3Q25 Δ% Cotton 83,300 75,416 -9.5% Cottonseed (1) 137,176 143,741 4.8% Soybeans (2) 136,110 177,148 30.2% Corn 392,999 709,174 80.5% Other crops 25,655 57,977 126.0% Cattle herd (head) 15,174 20,086 32.4% Unit gross income by crop (R$/mt Crops 3Q24 3Q25 Δ% Cotton 3,695 2,750 -25.6% Cottonseed (1) 123 340 176.0% Soybeans (2) 606 615 1.5% Corn 77 294 281.8% Cattle herd (R$/head) 417 1,140 173.4% (1) (cottonseed + cotton seed) (2) (Soybean commercial + seed) Hedge Position – FX – Material Fact (10/02/2025) vs. Release 3Q25 Crops Material Fact 10/02 Earnings Release 3Q25 Variation Soybean 2024/25 2025/26 2024/25 2025/26 2024/25 2025/26 % 97.8 27.8 99.7 34.9 1.9 7.1 R$/USD 5.6310 6.0293 5.6244 5.9232 -0.0066 -0.1061 Commitments % - 37.1 - 29.4 - -7.7 Cotton 2024/25 2025/26 2024/25 2025/26 2024/25 2025/26 % 92.5 18.4 92.9 25.9 0.4 7.5 R$/USD 6.0954 6.6400 6.0990 6.3998 0.0036 -0.2402 Commitments % - 32.7 - 23.6 - -9.1 Corn 2024/25 2025/26 2024/25 2025/26 2024/25 2025/26 % 84.3 30.2 98.7 40.0 14.4 9.8 R$/USD 5.8204 5.8058 5.7572 5.7842 -0.0632 -0.0216 Commitments % - 28.7 - 19.4 - -9.3 Hedge Position – Commodity – Material Fact (10/02/2025) vs. Release 3Q25 Crops Material Fact 10/02 Earnings Release 3Q25 Variation Soybean 2024/25 2025/26 2024/25 2025/26 2024/25 2025/26 % 97.2 47.3 99.7 48.4 2.5 1.1 USD/bu 11.47 11.01 11.48 11.02 0.01 0.01 Commitments % - 12.6 - 11.8 - -0.8 Cotton 2024/25 2025/26 2024/25 2025/26 2024/25 2025/26 % 59.1 25.1 63.0 27.2 3.9 2.1 USD/lb 76.93 73.87 76.27 74.17 -0.66 0.30 Commitments % - - - - - - Corn 2024/25 2025/26 2024/25 2025/26 2024/25 2025/26 % 43.3 6.5 57.1 6.5 13.8 - R$/bag 50.55 54.44 51.28 54.44 0.73 - % 39.1 12.2 39.3 12.1 0.2 -0.1 USD/bag 8.5 8.35 8.50 8.35 - - Commitments - - - - - - Inputs – 2025/26 Crop Year - % acquired Fertilizers / Crop protection (%) 2Q25 3Q25 Δ p.p. Nitrogen 60 96 36 Potassium Chloride 100 100 - Phosphates 95 100 5 Crop Protection 91 96 5
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4 Earnings Release | 3Q25 Operating Highlights Planted Area 2025/26 Crop Year - Material Fact 10/02/2025 vs. forecast Crop Mix Planted Area Planted Area Material Fact 10/02/2025 (b) Planted Area Forecast 3Q25 (c) Share Δ% Δ% Achieved (a) 2023/24 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% (1) Weather factors could affect planted area forecasts. (2) Other crops (Brachiaria seed 12,759 ha, Crambe seed 66 ha, Crotalaria seed 919 ha, Beans 734 ha, Sesame 315 ha, Millet seed 4,030 ha, First-crop corn 191 ha, Corn seed 693 ha, Forage radish seed 1,043 ha, Cattle 8,341 ha, Sorghum 11,152 ha, Wheat 6,792 ha and Buckwheat seed 150 ha) totaled 47,185 ha. Planting status of 2025/26 crops Ideal timeline for 2025/26 crop harvest and crop planting 3Q25 4Q25 1Q26 2Q26 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Soybean (commercial + seed) Planting Crop 2024/25 Harvesting Soybean Seed processing Cotton (lint + cotton seed + cottonseed) Harvesting 1st and 2nd Crops Planting 1st Crop Harvesting 1st Crop Cotton Seed processing Planting 2nd Crop Corn 2nd Crop Harvesting Planting Yields - 2024/25 Budgeted vs. 2025/26 Budgeted Yield (kg/ha) 2024/25 Crop Year 2025/26 Crop Year ∆% Budget 2024/25 (a) Budget 2025 (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% Production Cost per Hectare (R$) - 2024/25 vs. 2025/26 Total (R$/ha) Budget 2024/25 Budget 2025/26 (1) ∆% 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 9.6% Total average cost 6,456(2) 7,082(2) 9.7% (1) Figures may change until the end of cotton processing and the sale of grains. (2) Weighted by areas in the 2025/26 crop year to avoid impacts from changes in the product mix.
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5 Earnings Release | 3Q25 Contents › General Information ........................................................................................... 2 › Financial Highlights ............................................................................................ 3 › Operating Highlights ........................................................................................... 4 › Contents ............................................................................................................. 5 › Letter from Management to our Shareholders and Stakeholders ...................... 6 › Market Overview................................................................................................. 8 › Operational Performance – 2024/25 Crop Year ................................................. 8 › Operational Performance - 2025/26 Crop Year ............................................... 10 › Financial Performance ..................................................................................... 12 › ESG Reporting to Stakeholders ........................................................................ 26 › Additional Operational and Economic-Financial Data ..................................... 28 › Location of Production Units and Headquarters .............................................. 29 › Exhibit 1 – Balance Sheet: Assets .................................................................... 30 › Exhibit 2 – Balance Sheet: Liabilities ................................................................ 31 › Exhibit 3 – Income Statement ........................................................................... 32 › Exhibit 4 – Statement Of Cash Flows ............................................................... 33
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6 Earnings Release | 3Q25 Letter from Management to our Shareholders and Stakeholders On November 6, 2025, we entered into a partnership agreement with Private Equity Investment Funds (FIPs) managed by BTG Pactual Serviços Financeiros S.A. Distribuidora de Títulos e Valores Mobiliários, with the objective of acquiring and leasing agricultural land, investing in irrigation systems and infrastructure, and entering into rural partnership agreements. The transaction involves the establishment of special purpose entities (SPEs), with SLC Agrícola holding a 50.01% stake and the FIPs holding 49.99%. SLC Agrícola will subscribe to capital by contributing assets, including the Piratini farm, located in the state of Bahia, which is among the farms participating in the irrigation project previously announced by the Company, as well as its infrastructure and irrigation equipment. The other partners will contribute capital, in cash, proportional to their respective stakes, totaling R$1.034 billion (BRL 914 million upfront and BRL 119 million in the second half of 2026), With these funds, the SPEs will acquire 21,471 hectares of arable land from the Paladino farm, currently owned by SLC Agrícola. The funds from the SPEs, along with generated cash flow, will be allocated to the implementation and development of the irrigation projects. At the Piratini farm, the project is already underway, with an additional 6,303 hectares scheduled for execution by 2026. At the Paladino farm, the irrigation project will be implemented from the outset, covering 14,730 hectares, subject to water abstraction and well - drilling permits, as well as electricity supply. The irrigation project at the Paladino farm should be implemented between 2028 and 2030. The SPEs will own the properties and, upon closing the transaction, will enter into rural partnership agreements with SLC Agrícola and SLC MIT (the granted partner and operator) for grain and fiber cultivation, with sharing of the products obtained. The SP Es' remuneration will correspond to approximately 19% of agricultural production in the areas covered by the partnership. The rural partnership will have an initial term of 18 years, with automatic renewal every three years . This transaction, as well as the acquisition of Sierentz do Brasil Ltda., directly contributes to the Company’s operational expansion. Which can already be partially observed this quarter, with the increase in planted area reflecting the acquisition of Sierentz Agro Brasil Ltda., disclosed through a Material Fact on March 6, 2025. This quarter, we commenced the 2025/26 crop year with an estimated planting area of 835,700 hectares, an increase of 13.6% compared to the 2024/25 crop year. By November 4, the soybean planted area totaled 268.5 thousand hectares, corresponding to 62.3% of the projected area. Regarding the cost of key inputs for the 2025/26 crop year, we have already secured practically 100% of the inputs. We have also made progress in hedging prices for the 2025/26 crop year. We have already secured 60.2% of our soybean production , including existing commitments, 18.6% of our corn production, and 27,2% of our cotton production. Financial Highlights Net Revenue ended 9M25 at R$6.3 billion, 27.1% higher than in 9M24, representing an all-time record for volume and invoiced revenue . Adjusted EBITDA was R$2 billion, with Adjusted EBITDA margin of 32.3%. Net Income was R$ 636.1 million in 9M25, increasing 19.3% from 9M24, mainly due to the R$598.3 million increase in gross income. Cash generation was positive at R$567 million in 3Q25, reflecting the financial cycle phase following the payment of 2024/25 crop financing and the recognition of revenue from the 2024/25 cotton and corn harvests. During the period, the Company also paid the first installment for the acquisition of Sierentz, in the amount of R$442,3 million, as well as the receipt from the sale of part of the spin-off operation to Terrus, totaling R$115.2 million. In 9M25, cash generation was a negative R$1.5 billion, due to dividends payment and strategic investments made during the period:
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7 Earnings Release | 3Q25 • R$180.0 million for the last installment of the Paysandu farm; • R$361.5 million for the acquisition of the Paladino farm; • R$329.3 million for the last installment of the acquisition of a non -controlling interest in SLC LandCo; • R$95 million for the farm in Unaí, MG; • R$103 million for the acquisition of a non-controlling interest in SLC Mit; • R$383.2 million, payment of 60% of the acquisition of Sierentz (BRL 442.3 million minus BRL 59 million - Sierentz cash); • R$241 million related to dividends payment. The Net Debt/Adjusted EBITDA ratio ended September 2025 at 2.34 times. Adjusted net debt ended 3Q25 at R$6.2 billion, representing an increase of R$2.5 billion from 3Q24, primarily due to strategic investments. Currently, our gross debt profile is more extended, with 31% of debts maturing in the short term and 69% in the long term. The duration of 1,168 days, providing us with a more manageable amortization schedule. Thus, the Company’s Board of Directors approved, on November 6, 2025, a new share buyback program of 10 million shares, which will be held in treasury for disposal and/or cancellation. ESG and Awards Company has reached a significant milestone in its sustainability journey by completing, in partnership with deeptech company Fluere, the largest automated greenhouse gas calculation operation ever conducted in Brazilian agribusiness. The project monitors 835,000 hectares of the Company’s productive land, providing auditable data aligned with international standards such as the GHG Protocol and SBTi FLAG. This achievement further establishes Company as a leader in climate management and technological innovation in the agricultural sector. We were recognized as a standout in the 9th edition of the Sustainable Farm Award, organized by Globo Rural magazine, which honors the best environmental, social, and economic practices in Brazilian agribusiness. The Pamplona farm, located in the states of Goiás and Minas Gerais, achieved 3rd place nationally among the country’s most sustainable large-scale properties. For the fourth straight year, we have earned the Gold Seal from the Brazilian GHG Protocol program, a recognition that attests to the quality and transparency of the Company's 2024 carbon emissions and removals inventory. MESC Award: In September, SLC Sementes was recognized for the fourth consecutive year with the MESC Award, securing 1st place in the Agro Seeds category and being named a leading company in Agribusiness in 2025. Additionally, the Company ranked 6th among the top 100 companies for customer satisfaction in Brazil, according to the MESC Institute. This achievement underscores SLC Sementes' ongoing commitment to delivering premium-quality seeds and personalized service to its clients. We are also proud to announce that, on October 28, we were recognized by Great Place to Work Brazil as one of the Best Companies to Work For in both the Agribusiness and Rio Grande do Sul categories. We extend our gratitude to our shareholders, employees, and stakeholders for their trust, and we remain confident in the promising future of agribusiness in Brazil. The Management.
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8 Earnings Release | 3Q25 Market Overview Operational Performance – 2024/25 Crop Year Planted Area The third quarter of 2025 was characterized by the completion of the first cotton harvest and the second- crop harvests, including corn and cotton. Table 1- Planted Area by Crop - 2023/24 vs. 2024/25 Crop Mix Planted Area Planted Area Share Δ% Achieved (a) Achieved (b) 2023/24 2024/25(1) 2024/25 b x a ha % Cotton 188,734 178,803 24.3% -5.3% Cotton lint 1st crop 106,698 95,460 13.0% -10.5% Cotton lint 2nd crop 82,036 83,343 11.3% 1.6% Soybean (commercial + seed) 320,009 377,531 51.3% 18.0% Corn 2nd crop 95,167 122,748 16.7% 29.0% Other crops 57,432 56,824 7.7% -1.1% Total area 661,342 735,906 100.0% 11.3% (1) Weather factors could affect planted area forecasts. (2) Other crops (Brachiaria seed 11,645 ha, Crambe seed 46 ha, Crotalaria seed 1,800 ha, Beans 1,409 ha, Sesame 5,089 ha, Mil let seed 13,893 ha, Corn 1st crop 356 ha, Corn seed 727 ha, Forage turnip seed 2,086 ha, Cattle 5,594 ha, Sorghum 7,566 ha, Wheat 6,410 ha, and Buckwheat seed 203 ha) totaled 56,824 ha. Yields Table 2 - Budgeted Yield vs. Actual Yield - 2024/25 Crop Year Yield (kg/ha) 2023/24 Crop Year 2024/25 Crop Year 2024/25 Crop Year ∆% ∆% Achieved (a) Budget (b) Achieved (c) (c) x (a) (c) x (b) Cotton lint 1st crop 1,995 2,041 1,831 -8.2% -10.3% Cotton lint 2nd crop 1,827 1,910 2,008 9.9% 5.1% Cottonseed (cottonseed + cotton seed) 2,402 2,431 2,354 -2.0% -3.2% Soybean (Commercial + Seed) 3,264 3,976 3,964 21.4% -0.3% Corn 2nd crop 7,093 7,542 8,243 16.2% 9.3% Commercial Soybean Soybean reached a yield of 3,964 kg/ha, 21.4% higher than the previous year, 0.3% lower than the initial project and 9.5% higher than the national average (CONAB - October 2025), despite the delayed start of planting. Soybean Seed Our current estimate of sales to third parties plus the forecasted internal consumption for 2025 is 1,400,000 bags of 200,000 seeds, 12.0% more than last year. First-Crop Cotton The harvest was completed on September 19, with a yield of 1,831 kg/ha, which is 10.3% below the project. As reported in the previous quarter, the crop was affected by a period of lower rainfall in Bahia, where we have 41% of the Company's cotton crop area. Second-Crop Cotton The harvest was completed on September 12, with a yield of 2,008 kg/ha, which is 5.1% above the project. Click here to download the Market overview PDF file.
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9 Earnings Release | 3Q25 Cotton Seed Our current estimate of sales to third parties plus the forecasted internal consumption for 2025 is 145,000 bags of 200,000 seeds, an increase of 1.2% from last year. Second-Crop Corn The harvest of second-crop corn was completed in September 5, reaching a record yield of 8,243 kg/ha, 9.3% higher than the project. As reported last quarter, our fields experienced above-average rainfall in May and June, which contributed to maximizing the yield potential of areas planted outside the optimal window. Production Costs - 2024/25 Crop Year Table 3 - Breakdown of Budgeted Production Costs - 2024/25 Crop Year % Cotton Soybean Corn Average Achieved 2024/25 Average Achieved 2023/24 Variable Costs 81.1 69.9 78.5 76.6 79.1 Seeds 10.1 13.5 17.8 12.3 13.5 Fertilizers 20.3 17.9 29.1 20.3 20.5 Chemicals 23.2 15.8 14.1 19.3 19.9 Air Spraying 2.3 2.2 2.1 2.3 2.1 Fuels and Lubricants 3.3 4.2 4.3 3.8 3.7 Labor 1.1 1.1 0.7 1.0 0.8 Ginning 9.3 2.6 3.1 6.1 6.2 Maintenance 5.3 5.0 3.4 5.0 4.2 Others 6.2 7.6 3.9 6.5 8.2 Fixed Costs 18.9 30.1 21.5 23.4 20.9 Labor 7.6 10.0 7.3 8.5 7.6 Depreciation and amortizations 4.1 7.6 4.6 5.5 5.1 Right-of-Use Depreciation - Leasing 3.4 8.0 5.9 5.4 4.7 Others 3.8 4.5 3.7 4.0 3.5 The costs per hectare incurred in the 2024/25 crop year rose by 7.0% compared to the budgeted figures, primarily due to an increase in the volume of crop protection products used. Our cost per hectare is presented below: Table 4 – Production Cost in R$/hectare - Budgeted vs. Actual - 2024/25 Crop Year Total (R$/ha) Budget 2024/25(1) Achieved 2024/25(1) ∆% Cotton lint 1st crop 12,876 14,187 10.2% Cotton lint 2nd crop 11,663 13,167 12.9% Soybean (commercial + seed) 4,659 4,709 1.1% Corn 2nd crop 3,967 4,316 8.8% Total average cost 6,550(2) 7,008(2) 7.0% (1) Figures may suffer changes by the end of cotton processing and the sale of grains. (2) Figures weighted by areas in the 2024/25 crop year to avoid impacts from changes in the product mix. Our unit cost by crop is presented below. Soybeans and corn recorded a decrease in unit cost by 27.4% and 17.5%, respectively, as a result of higher yield achieved in the 2024/25 crop year compared to the 2023/24 crop year. Cotton, on the other hand, recorded a 3.1% increase in unit cost (average of the 1st and 2nd crops), reflecting the lower yield achieved in 2024/25. Table 5 - Unit Cost - 2024/25 Crop Year Crop mix Yield Cost Cost Yield Cost Cost ∆% Achieved Achieved Achieved Achieved Achieved Achieved b x a (Kg/ha) (R$/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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10 Earnings Release | 3Q25 Operational Performance - 2025/26 Crop Year Planted Area The quarter was marked by the start of soybean planting. The planted area currently estimated for the 2025/26 crop year is 835,700 hectares, an increase of 13.6% compared to the 2024/25 crop year. This expansion in planted area reflects the acquisition of Sierentz Agro Brasil Ltda., disclosed in a material fact notice on March 6, 2025. Our current estimate for planted area for the 2025/26 crop year is below: Table 6 - Planted Area by Crop - 2024/25 Actual Planted Area vs. 2025/26 Forecast 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% (1) Weather factors could affect planted area forecasts. (2) Other crops (Brachiaria seed 12,759 ha, Crambe seed 66 ha, Crotalaria seed 919 ha, Beans 734 ha, Sesame 315 ha, Millet seed 4,030 ha, First-crop corn 191 ha, Corn seed 693 ha, Forage radish seed 1,043 ha, Cattle 8,341 ha, Sorghum 11,152 ha, Wheat 6,792 ha and Buckwheat seed 150 ha) totaled 47,185 ha. Yields The estimated yields for the 2025/26 crop year reflect our expectation regarding the productive potential of the crops, considering their historical evolution (trend curve) and the maturity of the areas. Table 7 - Yield - Budgeted vs. Forecast - 2025/26 Crop Year 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% Soybeans By November 4, the soybean planted area totaled 268.5 thousand hectares, corresponding to 62.3% of the projected area. Soybean Seed Our current estimate of sales to third parties plus internal consumption for 2026 is 1,800,000 bags of 200,000 seeds, 28.6% higher than last year. Cotton Seed Our current estimate of sales to third parties plus internal consumption for 2026 is 157,000 bags of 200,000 seeds, an increase of 8.3% from last year.
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11 Earnings Release | 3Q25 Production Costs - 2025/26 Crop Year Table 8 - Breakdown of Budgeted Production Costs - 2024/25 Crop Year % Cotton Soybean Corn Budget Average 2025/26 Actual Average 2024/25 Variable Costs 79.9 70.8 78.4 76.1 75.5 Seeds 9.3 13.9 17.9 12.2 12.7 Fertilizers 22.3 18.6 31.0 22.0 21.5 Chemicals 20.9 17.7 13.4 18.7 18.4 Air Spraying 2.1 1.6 1.8 1.8 1.8 Fuels and Lubricants 3.7 3.9 4.0 3.8 3.9 Labor 0.9 0.6 0.5 0.7 0.8 Ginning 10.0 2.4 2.6 6.0 5.9 Maintenance 4.9 4.2 3.2 4.4 4.5 Others 6.0 7.9 4.0 6.5 6.0 Fixed Costs 20.0 29.2 21.6 23.9 24.5 Labor 8.3 9.7 7.5 8.8 8.4 Depreciation and amortizations 5.2 8.3 5.4 6.5 7.1 Right-of-Use Depreciation - Leasing 3.0 7.1 5.4 4.9 5.4 Others 3.5 4.1 3.3 3.7 3.6 The budgeted costs per hectare for the 2025/26 crop year have been adjusted, as shown in Table 9 below. This adjustment reflects the completion of nitrogen purchases at a price lower than initially projected. Compared to the previous season, we estimate an increase of 9.7%. The main drivers behind this rise in cost per hectare are the higher volume of fertilizers, required to replenish soil nutrients, and enhancements to the crop protection package. For the 2025/26 season, 57.1% of our costs will be dollar -indexed vs. 56.8% in the 2024/25 crop year. The exchange rate applied for pricing was R$5.45/USD, reflecting a positive variation of 0.9% over the 2024/25 season. The inflation rate considered for the new crop year was 4.85%. Our cost per hectare is presented below: Table 9 – Budgeted Production Costs in R$/ha - 2024/25 vs. 2025/26 Total (R$/ha) Budget 2024/25 Budget 2025/26 (1) ∆% Cotton lint 1st crop 12,876 13,846 7.5% Cotton lint 2nd crop 11,663 12,849 10.2% Soybean (commercial + seed) 4,659 5,181 11.2% Corn 2nd crop 3,967 4,346 9.6% Total average cost 6,456(2) 7,082(2) 9.7% (1) Figures may suffer changes by the end of cotton processing and the sale of grains. (2) Weighted by areas in the 2025/26 crop year to avoid impacts from changes in the product mix.
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12 Earnings Release | 3Q25 Financial Performance On July 1, 2025, the Company took over the operations of Sierentz Agro Brasil Ltda., in accordance with the material fact notice released on July 1, 2025. From this quarter onward, Sierentz Agro Brasil Ltda.’s results will be consolidated into the Company’s financial reports. Invoiced Revenue and Volume The quarter saw a 27.9% increase in the Net Revenue, compared to 3Q24, primarily driven by higher invoiced volumes of soybeans and corn. In 3Q25, 16,263 metric tons of soybeans, 182,788 metric tons of corn, and 5,202 head of cattle were invoiced from Sierentz. In 9M25, Net Revenue grew by 27.1% vs. 9M24, reflecting increased invoiced volumes . Notably, the Company set new all-time highs in both sales volume and invoiced revenue for 3Q25 and 9M25. Table 10 - Net Revenue (R$ 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% Cotton lint 2,300,513 2,280,516 -0.9% 777,789 649,860 -16.4% Cottonseed (cottonseed + cotton seed) 167,697 255,077 52.1% 84,665 127,390 50.5% Soybean (commercial + seed) 1,732,188 2,667,009 54.0% 343,845 457,417 33.0% Corn 344,868 649,148 88.2% 299,664 597,866 99.5% Cattle Herd 128,654 222,273 72.8% 69,204 119,391 72.5% Others 57,946 101,834 75.7% 22,452 56,252 150.5% Hedge Result 208,523 105,025 -49.6% 34,259 79,529 132.1% Table 11 - Invoiced Volume (Tons) 9M24 9M25 HA 3Q24 3Q25 HA Volume Invoiced 1,906,772 2,753,192 44.4% 775,240 1,163,456 50.1% Cotton lint 241,746 248,733 2.9% 83,300 75,416 -9.5% Cottonseed (cottonseed + cotton seed) 246,748 268,848 9.0% 137,176 143,741 4.8% Soybean (commercial + seed) 902,737 1,359,352 50.6% 136,110 177,148 30.2% Corn 454,569 772,644 70.0% 392,999 709,174 80.5% Other 60,972 103,615 69.9% 25,655 57,977 126.0% Table 12 - Invoiced Volume (head) (Heads) 9M24 9M25 HA 3Q24 3Q25 HA Volume Invoiced 28,908 37,014 28.0% 15,174 20,086 32.4% Cattle Herd 28,908 37,014 28.0% 15,174 20,086 32.4% The Variation in the Fair Value of Biological Assets (VFVBA) for soybean, cotton and corn crops reflects the estimated gross margin for these crops, at market value, less production costs and opportunity costs of owned land properties, related to crops und ergoing significant biological transformation at the point of harvest and at the moment of harvest. VFVBA for cattle is calculated by taking the market value of cattle and subtracting cattle production costs on the reporting date. The calculation of the Net Realizable Value of Agricultural Products (NRVAP) reflects the changes in agricultural product inventories. Unlike the variation of the fair value of biological assets, which uses market prices, the net realizable value of agricu ltural products also considers forward contracts sold. The price used for assessing the NRVAP is the average price between volumes sold and inventory volumes to be sold, less taxes, logistics expenses and other direct expenses necessary for the performance of agreements with clients.
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13 Earnings Release | 3Q25 Table 13 – Variation in the Fair Value of Biological Assets and Net Realizable Value of Agricultural Products (R$ thd) 9M24 9M25 HA 3Q24 3Q25 HA VFVBA1 e NRVAP 2 818,153 1,187,685 45.2% 19,947 291,331 n.m. Cotton lint 836,463 595,157 -28.8% 112,933 237,400 110.2% Cottonseed (commercial + cotton seed) 88,978 23,077 -74.1% (37,576) 2,688 -107.2% Soybean (commercial + seed) (98,555) 375,899 -481.4% (55,968) (64,177) 14.7% Corn (19,400) 177,014 n.m. (15,144) 102,404 n.m. Cattle Herd 10,667 16,538 55.0% 15,702 13,016 -17.1% (1) VFVBA = Variation in the Fair Value of Biological Assets. (2) NRVAP = Net Realizable Value of Agricultural Products. VFVBA and NRVAP for the quarter were higher by R$271.4 million, mainly due to the recognition of NRVAP for cotton lint and cottonseed from the 2024/25 crop year, which show improved price expectations vs. last crop year. For soybeans, there was a reversal of the NRVAP due to sales, while for corn, a positive mark-to-market adjustment (MtM) of the fair value of biological assets was recorded, reflecting expectations of improved margins for the 2024/25 crop year. For cattl e herd the (MtM) of the fair value of biological assets was slightly lower than in the same period of the previous year. In 9M25, VFVBA and NRVAP increased 45.2% from 9M24, due to the MtM adjustment of the VFVBA of soybeans, which was higher due to the better yield obtained in 2024/25 vs. 2023/24. This variation was partially offset by the reduction in VFVBA of cotton lint and cottonseed. Cost of Goods Sold (COGS) In the third quarter of 2025, the cost of goods sold increased by 24.4% compared to 3Q24, driven by a higher invoiced volume across all crops except cotton. There was a decrease in the unit cost of corn, due to the higher yield achieved in the 2024/25 crop year, while the other crops recorded an increase in unit cost. In 9M25, COGS increased by 18.6% compared to 9M24, driven by a 44.4% increase in billed volume, thanks to the recovery in soybean yield in 2024/25 vs. 2023/24, as well as the historic record yield for corn. Soybeans and corn, in particular, saw a significa nt reduction in unit costs, driven by yields that surpassed the previous harvest. Cotton and cattle, however, experienced higher costs. Table 14 - Cost of Goods Sold (COGS) (R$ thd) 9M24 9M25 HA 3Q24 3Q25 HA Cost of goods sold (3,516,400) (4,169,491) 18.6% (1,194,456) (1,486,008) 24.4% Cotton lint (1,473,886) (1,569,244) 6.5% (512,266) (491,032) -4.1% Cottonseed (cottonseed + cotton seed) (138,383) (149,245) 7.8% (67,826) (78,416) 15.6% Soybean (commercial + seed) (1,398,170) (1,695,784) 21.3% (261,857) (355,694) 35.8% Corn (295,863) (440,146) 48.8% (261,317) (409,601) 56.7% Cattle herd (121,783) (187,853) 54.3% (62,396) (99,826) 60.0% Other (88,315) (127,219) 44.1% (28,794) (51,439) 78.6% Table 15 - Realization of Fair Value of Biological Assets (R$ thd) 9M24 9M25 HA 3Q24 3Q25 HA Realization of the Fair Value of Biological Assets (485,777) (944,422) 94.4% (178,282) (270,456) 51.7% Cotton lint (661,829) (388,974) -41.2% (201,844) (107,106) -46.9% Cottonseed (cottonseed + cotton seed) (61,135) (25,292) -58.6% (15,243) (12,000) -21.3% Soybean (commercial + seed) 209,185 (456,190) n.m. 4,695 (78,334) n.m. Corn 29,710 (77,616) n.m. 32,465 (77,717) n.m. Cattle Herd (1,708) 3,650 n.m. 1,645 4,701 185.8% The Realization of the Fair Value of Biological Assets in cost (RFVBA) is the reversal of the recognized Variation of the Fair Value of Biological Assets in revenue (VFVBA). The RFVBA is recognized in the result as products are invoiced, on an accrual basi s. A negative RFVBA means that the recognized VFVBA was positive. In 3Q25 and 9M25, the main fluctuations were observed in the cotton, soybeans, and corn crops. Cotton shows a lower RFVBA compared to the same period last year, reflecting sales performance, with margins below those of the 2023/24 crop year. Soybeans showe d greater variation due to sales at higher margins, as well as a recovery in soybean yield for the 2024/25 crop year compared to 2023/24. Corn RFVBA reversal experienced an increase, driven by sales with margins surpassing those of the 2023/24 harvest.
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14 Earnings Release | 3Q25 Gross Income by Crop For improved transparency, this section allocates the outcomes of foreign exchange and price hedging to the cotton, soybeans, corn and cattle herd segments. Cotton Lint and Cottonseed Table 16 - Gross Income - Cotton Lint Cotton Lint 9M24 9M25 HA 3Q24 3Q25 HA Volume Invoiced Ton 241,746 248,733 2.9% 83,300 75,416 -9.5% Net Revenue R$/thd 2,300,513 2,280,516 -0.9% 777,789 649,860 -16.4% Result of currency hedge R$/thd 158,475 75,289 -52.5% 42,263 48,566 14.9% Net Rev. adj. for res. of cur. hedging R$/thd 2,458,988 2,355,805 -4.2% 820,052 698,426 -14.8% Unit Price R$/ton 10,172 9,471 -6.9% 9,845 9,261 -5.9% Total Cost R$/thd (1,473,886) (1,569,244) 6.5% (512,266) (491,032) -4.1% Unit Cost R$/ton (6,097) (6,309) 3.5% (6,150) (6,511) 5.9% Unitary Gross Income R$/ton 4,075 3,162 -22.4% 3,695 2,750 -25.6% The unit gross income from cotton lint declined by 25.6% in 3Q25 vs. 3Q24 and by 22.4% in 9M25 vs. 9M24, mainly due to lower invoiced prices and higher unit cost. Of the cotton invoiced in 3Q25, 63% originated from the 2023/24 season and 38% from the 2024/25 season. Of the cotton invoiced in 9M25, 88% originated from the 2023/24 crop year. Table 17 - Gross Income – Cottonseed (cottonseed + cotton seed) Cottonseed (cotton seed + cottonseed) 9M24 9M25 HA 3Q24 3Q25 HA Volume Invoiced Ton 246,748 268,848 9.0% 137,176 143,741 4.8% Net Revenue R$/thd 167,697 255,077 52.1% 84,665 127,390 50.5% Unit Price R$/ton 680 949 39.6% 617 886 43.6% Total Cost R$/thd (138,383) (149,245) 7.8% (67,826) (78,416) 15.6% Unit Cost R$/ton (561) (555) -1.1% (494) (546) 10.5% Unitary Gross Income R$/ton 119 394 231.1% 123 340 176.4% In both 3Q25 and 9M25, unit gross income from cottonseed increased by 176 .4% and 231.1%, respectively, driven primarily by higher invoiced prices. Cottonseed prices remain elevated due to the substitution of corn with cottonseed, which has become a more advantageous alternative in terms of pricing. Soybeans Table 18 - Gross Income – Soybeans (commercial + seed) Soybean (commercial + seed) 9M24 9M25 HA 3Q24 3Q25 HA Volume Invoiced Ton 902,737 1,359,352 50.6% 136,110 177,148 30.2% Net Revenue R$/thd 1,732,188 2,667,009 54.0% 343,845 457,417 33.0% Result of currency hedge R$/thd 60,413 4,483 -92.6% 564 7,271 n.m. Net Rev. adj. for res. of cur. hedging R$/thd 1,792,601 2,671,492 49.0% 344,409 464,688 34.9% Unit Price R$/ton 1,986 1,965 -1.1% 2,530 2,623 3.7% Total Cost R$/thd (1,398,170) (1,695,784) 21.3% (261,857) (355,694) 35.8% Unit Cost R$/ton (1,549) (1,247) -19.5% (1,924) (2,008) 4.4% Unitary Gross Income R$/ton 437 718 64.3% 606 615 1.5% The unit gross income from soybeans was slightly higher in 3Q25 than in 3Q24, with a 3.7% increase in invoiced prices, offset by a 4.4% rise in unit cost. In 9M25, unit gross income from soybeans increased 64.3% compared to 9M24, mainly due to a decrease in unit cost, reflecting the higher yield in 2024/25 compared to 2023/24.
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15 Earnings Release | 3Q25 Corn Table 19 - Gross Income – Corn Corn 9M24 9M25 HA 3Q24 3Q25 HA Volume Invoiced Ton 454,569 772,644 70.0% 392,999 709,174 80.5% Net Revenue R$/thd 344,868 649,148 88.2% 299,664 597,866 99.5% Result of currency hedge R$/thd (8,919) 21,008 n.m. (8,087) 20,361 n.m. Net Rev. adj. for res. of cur. hedging R$/thd 335,949 670,156 99.5% 291,577 618,227 112.0% Unit Price R$/ton 739 867 17.3% 742 872 17.5% Total Cost R$/thd (295,863) (440,146) 48.8% (261,317) (409,601) 56.7% Unit Cost R$/ton (651) (570) -12.4% (665) (578) -13.1% Unitary Gross Income R$/ton 88 297 237.5% 77 294 281.8% Unit gross income from corn increased 281.8% in 3Q25 vs. 3Q24 and 237.5% in 9M25 vs. 9M24. In each period analyzed, higher prices and lower unit costs were notable. The elevated prices are primarily driven by strong domestic demand, especially for ethanol and protein production. From a cost perspective, unit costs declined sharply, a direct outc ome of the record -breaking production in the 2024/25 crop year. Cattle Table 20 - Gross Income – Cattle Cattle Herd 9M24 9M25 HA 3Q24 3Q25 HA Volume Invoiced Heads 28,908 37,014 28.0% 15,174 20,086 32.4% Net Revenue R$/thd 128,654 222,273 72.8% 69,204 119,391 72.5% Result of currency hedge R$/thd (1,446) 4,245 n.m. (481) 3,331 n.m. Net Rev. adj. for res. of cur. hedging R$/thd 127,208 226,518 78.1% 68,723 122,722 78.6% Unit Price R$/Head 4,400 6,120 39.1% 4,529 6,110 34.9% Total Cost R$/thd (121,783) (187,853) 54.3% (62,396) (99,826) 60.0% Unit Cost R$/Head (4,213) (5,075) 20.5% (4,112) (4,970) 20.9% Unitary Gross Income R$/Head 187 1,045 458.8% 417 1,140 173.4% Unit gross income from cattle increased 173.4% in 3Q25 vs. 3Q24 and 458.8% in 9M25 vs. 9M24, primarily driven by higher unit prices, reflecting robust demand for beef—a factor that boosts revenues but also increases acquisition costs. The Company identified productivity gains throughout the period, as demonstrated by the increase in final weight per head, a direct result of efficient fattening processes and nutritional practices. Gross Income Table 21 - Gross Income (R$ thd) 9M24 9M25 HA 3Q24 3Q25 HA Gross Income 1,756,365 2,354,654 34.1% 279,087 622,572 123.1% Gross Income without VFVBA, NRVAP, RFVBA 1,423,989 2,111,391 48.3% 437,422 601,697 37.6% Cotton lint 985,102 786,561 -20.2% 307,786 207,394 -32.6% Cottonseed (cottonseed + cotton seed) 29,314 105,832 261.0% 16,839 48,974 190.8% Soybean (commercial + seed) 394,431 975,708 147.4% 82,552 108,994 32.0% Corn 40,086 230,010 473.8% 30,260 208,626 589.4% Cattle Herd 5,425 38,665 612.7% 6,327 22,896 261.9% Others (30,369) (25,385) -16.4% (6,342) 4,813 n.m. VFVBA(1) – NRVAP(2) - RFVBA(3) 332,376 243,263 -26.8% (158,335) 20,875 n.m. (1) VFVBA = Variation in Fair Value of Biological Assets. (2) NRVAP = Variation in Net Realizable Value of Agricultural Products. (3) RFVBA = Realization of Fair Value of Biological Assets. Gross income increased 123.1% (R$343.5 million) in 3Q25 vs. 3Q24 considering the effects of the Fair Value of Biological Assets and the Net Realizable Value of Agricultural Products (VFVBA + NRVAP - RFVBA), The main variations were: (a) a R$179.2 million increase in (VFVBA + VRPLA - RFVBA);
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16 Earnings Release | 3Q25 (b) a R$264.7 million increase in gross income from all crops except cotton; (c) a R$100.4 million reduction in gross income from cotton. In 9M25, gross income increased by 34.1% (R$598.3 million) . The value of (VFVBA + NRVAP - RFVBA) had a negative impact of R$89.1 million. Soybean was the key driver of this growth, contributing R$581.3 million due to improved yield in 2024/25 vs. 2023/24. Cotton recorded a negative variation of R$198.6 million due to lower prices and increased costs. Corn contributed R$189.9 million, reflecting the record yield achieved in the 2024/25 crop year. Other crops, cottonseed, cattle raising and miscellaneous items contributed an additional R$114.8 million. Selling Expenses Table 22 - Selling Expenses (R$ thd) 9M24 9M25 HA 3Q24 3Q25 HA Freight (101,463) (155,853) 53.6% (44,065) (72,643) 64.9% Storage (48,931) (77,143) 57.7% (14,460) (29,735) 105.6% Commissions (20,875) (13,437) -35.6% (6,151) (3,780) -38.5% Classification of Goods (1,123) (2,834) 152.4% (214) (661) 208.9% Export Expenses (54,623) (80,039) 46.5% (18,455) (21,164) 14.7% Royalties (35,077) (50,658) 44.4% (30,554) (53,637) 75.5% Others (21,162) (18,697) -11.6% (8,673) (6,753) -22.1% Total (283,254) (398,661) 40.7% (122,572) (188,373) 53.7% % Net Revenue -5.7% -6.3% -0.6p.p -7.5% -9.0% -1.5p.p Selling expenses increased 53.7% in 3Q25 vs. 3Q24 and 40.7% in 9M25 vs. 9M24, driven by freight, storage, export and royalties expenses. Expenses with freight, storage, and royalties recorded sharp increases. Freight was impacted by the shipment of corn from Sierentz in 3Q25. The higher storage expenses were directly linked to increased production of soybeans, soybean seed and corn in the 2024/25 crop year compared to 2023/24. Despite the lower invoiced volume in the period, export expenses increased due to the higher cost of services. Royalties expenses grew on account of the higher volume invoiced. Administrative Expenses Table 23 - Administrative Expenses (R$ thd) 9M24 9M25 HA 3Q24 3Q25 HA Expenses with personnel (69,522) (75,314) 8.3% (24,440) (26,683) 9.2% Adminisration Fees (16,260) (26,462) 62.7% (4,904) (9,111) 85.8% Depreciations and amortizations (20,983) (22,677) 8.1% (6,977) (7,954) 14.0% Expenses with travels (3,454) (4,494) 30.1% (1,212) (2,409) 98.8% Software maintenance (16,417) (19,345) 17.8% (6,365) (6,848) 7.6% Marketing/Advertisement (3,638) (6,778) 86.3% (1,196) (2,408) 101.3% Communications Expenses (5,480) (5,419) -1.1% (1,818) (1,958) 7.7% Rentals (3,526) (3,835) 8.8% (1,313) (1,571) 19.6% Labor. Tax and Environmental Contingencies (5,968) (4,514) -24.4% (4,912) (327) -93.3% Electricity (285) (93) -67.4% (19) (13) -31.6% Taxes and other fees (1,980) (2,796) 41.2% (381) (1,597) 319.2% Contribuitions and donations (5,881) (11,003) 87.1% (2,658) (5,924) 122.9% Other (3,143) (6,571) 109.1% (951) (3,559) 274.2% Subtotal (156,537) (189,301) 20.9% (57,146) (70,362) 23.1% % Net Revenue -3.2% -3.0% 0.2p.p -3.5% -3.4% 0.1p.p Provision for profit share program (45,136) (56,613) 25.4% (6,947) (9,601) 38.2% Total (201,673) (245,914) 21.9% (64,093) (79,963) 24.8% Administrative expenses (excluding amounts related to the Profit Sharing Program) increased 23.1% in 3Q25 vs. 3Q24 and 20.9% in 9M25 vs. 9M24. In the 3Q25 and 9M25 the main variations were: I. Outsourcing: Increase resulting from the engagement of tax and fiscal consulting and advisory services, primarily due to the due diligence process linked to the acquisition of Sierentz Agro Brasil Ltda.;
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17 Earnings Release | 3Q25 II. Advertising and publicity: Increase driven by internal marketing initiatives; III. Tax, labor, and environmental contingencies : Reduction mainly in provisions for civil and labor contingencies due to a change in the outlook of cases from possible to probable; IV. Contributions and donations: Increase due to the greater contribution to trade associations in incentivized social and cultural projects; V. Other: Higher expenses with services contracted in connection with Sierentz. Adjusted EBITDA In 3Q25, Adjusted EBITDA was R$531.4 million, representing growth of 14.7% on 3Q24. EBITDA margin was 25.54%, contracting 2.9 p.p. in the same period. Gross income from crops contributed R$ 164.3 million, according to table 21, driven primarily by corn. General and administrative expenses, along with operating income and expenses, grew by R$80.5 million. Depreciation increased by R$49.2 million, offset by the write -off of property, plant and equipment totaling R$64.8 million. In 9M25, Adjusted EBITDA reached R$2.0 billion, a 42.5% increase on 9M24, with margin of 32.3%, up 3.4 p.p. or R$606.1 million. The recovery in soybean yield compared to the previous crop year and the record corn yield, in particular, contributed to the increase in gross income by R$687.4 million. This was partially offset by an increase in general and administrative expenses, as well as other operating income and expenses, totaling R$189.7 million. Depreciation rose by R$177.0 million, partially offset by a R $ 68.6 million increase in the write -off of fixed assets. In 3Q25 and 9M25, there was a non -recurring variation of R$51.9 million, related to the acquisition of Sierentz Agro Brasil Ltda. For more details, see note 2 of the Quarterly Financial Information (ITR). Table 24 - Adjusted EBITDA Reconciliation (R$ 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% (+/-) VFVBA e NRVAP 818,153 1,187,685 45.2% 19,947 291,331 n.m. (-) Cost of Goods and/or Services Sold (4,002,177) (5,113,913) 27.8% (1,372,738) (1,756,464) 28.0% Cost of Goods (3,516,400) (4,169,491) 18.6% (1,194,456) (1,486,008) 24.4% RFVBA (485,777) (944,422) 94.4% (178,282) (270,456) 51.7% Gross Income 1,756,365 2,354,654 34.1% 279,087 622,572 123.1% (-) Sales Expenses (283,254) (398,661) 40.7% (122,572) (188,373) 53.7% (-) General and administrative expenses (201,673) (245,914) 21.9% (64,093) (79,963) 24.8% General and administrative (156,537) (189,301) 20.9% (57,146) (70,362) 23.1% Profit share program (45,136) (56,613) 25.4% (6,947) (9,601) 38.2% Administrative Fees (18,995) (17,266) -9.1% (4,485) (4,214) -6.0% Other operating income (expenses) (5,808) (89,433) n.m. (14,982) (65,976) 340.4% (=) Operational Result 1,246,635 1,603,380 28.6% 72,955 284,046 289.3% (+) Depreciation and amortization 204,572 304,725 49.% 79,263 106,634 34.5% (+) Deprec.adjus. of right-of-use assets - IFRS 16 211,750 288,620 36.3% 74,223 96,073 29.4% EBITDA 1,662,957 2,196,725 32.1% 226,441 486,753 115.0% (-) VFVBA e NRVAP (1) (818,153) (1,187,685) 45.2% (19,947) (291,331) n.m. (+) RFVBA (2) 485,777 944,422 94.4% 178,282 270,456 51.7% (+) Other Trans. Propperty, Plant & Equipment (3) 94,880 26,260 -72.3% 78,362 13,619 -82.6% (+) Gains and losses on investment transactions - 51,884 n.m. - 51,884 n.m. Adjusted EBITDA (1,2,3) 1,425,461 2,031,606 42.5% 463,138 531,381 14.7% Adjusted EBITDA Margin (1,2,3) 28.9% 32.3% 3.4p.p 28.4% 25.5% -2.9p.p (1) Excluding the effects of the Variation of the Fair Value of Biological Assets (VFVBA) and Variation in Net Realizable Value of Agricultural Products (NRVAP), as they are non-cash. (2) Excluding the effects of the Realization of Fair Value of Biological Assets (RFVBA), as they are non-cash. (3) Excluding the Write-off of Fixed Assets; write-off of assets held for sale and goodwill of investments, non-cash.
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18 Earnings Release | 3Q25 Adjusted Net Financial Income Given that a portion of the Company’s debt operations is denominated in foreign currency, these transactions are divided between those swapped into Brazilian reais and those classified under hedge accounting, which are used as instruments to protect revenu e against exchange rate fluctuations, in accordance with the Company’s Market Risk Management Policy (Hedge). As a result, when reviewing the consolidated numbers, exchange rate fluctuations on foreign currency debt have no effect on net financial result. This is due to the fact that any currency gains or losses are neutralized by corresponding effects on the swap agreements. For transactions designated under hedge accounting, the foreign exchange variation is initially allocated to Equity until the debt is amortized; subsequently, it is reclassified to the income statement, under sales revenue. Table 25 - Adjusted Net Financial Income (with swap effect) (R$ thd) 9M24 9M25 HA 3Q24 3Q25 HA Interest (360,489) (608,705) 68.9% (151,024) (272,132) 80.2% FX Variation (28,273) 112,078 -496.4% 16,084 21,990 36.7% Monetary Variation 3 1,148 n.m. 3 1,147 n.m. APV-Liability Lease. (IFRS16) (1) (220,050) (232,356) 5.6% (71,107) (75,931) 6.8% APV Securities payable (17,527) (36,277) 107.0% (6,053) (17,429) 187.9% Other financial revenue (expenses) 484 20,975 n.m. 1,051 6,698 537% Total (625,852) (743,137) 18.7% (211,046) (335,657) 59.0% % Net Revenue 12.7% 11.8% -0.9 p.p. 12.9% 16.1% 3.2 p.p. Adjusted net financial expense increased by 59.0% in 3Q25 vs. 3Q24 and 18.7% in 9M25 vs. 9M24. In both periods, interest expenses were higher, reflecting the higher adjusted net debt and CDI rate in the periods. Adjustment to present value of leasings incr eased as well, due to the rise in the interest rate, which affected the recalculation of land leasing contracts. Adjustment to present value of payables increased as well, reflecting the debt incurred by the Company for the acquisition of land from Agrícola Xingu S.A. and the acquisition of Sierentz Agro Brasil Ltda. These effects were partially offset by the positive FX variation, primarily related to trade payables denominated in U.S. dollar, which benefited from the stronger Brazilian real during the period. Finally, other financial income (expenses) were positive due to the adjustment of recoverable tax credits by the SELIC rate. Net Income (Loss) Table 26 - Net Income (R$ thd) 9M24 9M25 HA 3Q24 3Q25 HA Income before taxes on profit 620,783 858,264 38.3% (138,091) (53,590) -61.2% Income Tax and Social Contribution on Profit (87,710) (222,252) 153.4% 120,809 39,065 -67.7% Consolidated Net Income for the Period 533,073 636,012 19.3% (17,282) (14,525) -16.0% Attributed to the partners of SLC Agrícola S.A. 544,043 611,372 12.4% 857 (10,988) n.m. Attributed to the partners of Joint-Ventures/Partnerships (10,970) 24,640 n.m. (18,139) (3,537) -80.5% % Net Revenue 10.8% 10.1% -0.7p.p -1.1% -0.7% 0.4p.p The Company ended 3Q25 with net loss of R$14.5 million, an improvement of R$2.8 million compared to 3Q24, driven by: (i) an increase of R$343.5 million in gross income; (ii) an increase selling, general and administrative expenses, and other operating inco me and expenses totaling R$132.4 million, of which R$51 million was non -recurring, resulting from the sale to Terrus of the company spun off from Sierentz; (iii) financial expense of R$126.6 million; (iv) an increase in income tax and social contribution by R$81.7 million. In 9M25, net income came to R$636 million, an increase of R$102.9 million compared to 9M24, driven by: (i) a R$598.2 million improvement in gross income; (ii) a R$157.9 million increase in general and administrative expenses; (iii) a negative R$83.6 millio n in other operating income and expenses, of which R$51 million was non-recurring, related to the operation of sale to Terrus of the spun-off Sierentz company; (iv) financial expense of R$119.3 million; and (v) a negative variation of R$134.5 million in income taxes.
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19 Earnings Release | 3Q25 Cash Flow Statement Analysis Free cash generation was positive in 3Q25, reflecting the seasonality of the cash conversion cycle, marked by the end of payments for agricultural inputs and start of invoicing of cotton and corn volumes from the 2024/25 harvest. During the period, the Company also paid the first installment for the acquisition of Sierentz (R$442.3 million, minus R$59 million in Sierentz cash), that is, R$383.2 million; and the sale of the spun-off Sierentz Company to Terrus, amounting to R$115.2 million. In 9M25, in addition to the above -mentioned disbursements made in 3Q25, the Company made the payment of dividends related to the 2024 fiscal year, as well as executed significant strategic investments, including the payment of the final installment of the Paysandu farm (R$180 million); payment of the final installment of the acquisition of the non -controlling interest in SLC LandCo (R$329.3 million); acquisition of the non -controlling interest in in SLC -MIT (R$103 million); acquisition of the Paladino farm (R$361.5 million); and acquisition of the farm in Unaí, MG (R$95 million) . As a result, all scheduled disbursements for 2025 related to previously announced acquisitions have b een completed. Table 27 - Summarized Cash Flow R$ (thd) 9M24 9M25 HA 3Q24 3Q25 HA Cash generated from operations 1,606,466 2,035,264 26.7% 514,492 501,113 -2.6% Changes in Assets and Liabilities (1,056,698) (1,035,502) -2.0% 16,679 548,433 n.m. Net Cash Investing Activities (739,227) (1,594,401) 115.7% (352,282) (441,954) 25.5% In fixed assets (712,828) (663,154) -7.0% (332,803) (171,872) -48.4% In intangible (6,607) (7,694) 16.5% (1,895) (1,823) -3.8% Land return payment - (636,500) n.m. - - - Sierentz acquisition, net of cash(4) - (383,177) n.m. - (383,177) n.m. Proceeds from sale of investment(5) - 115,217 n.m. - 115,217 n.m. Capital subscription (2,100) (1,650) -21.4% - - - Advance future capital increase - - - - - - Other Investments (17,692) (17,443) -1.4% (17,584) (299) -98.3% Net Cash Before Financing Activities (189,459) (594,639) 213.9% 178,889 607,592 239.6% Change in financial investments account(1) 437 141 -67.7% 34 52 52.9% Acquistion of stake (2) - (432,321) n.m. - - - Paid Leases(2) (402,231) (451,658) 12.3% (31,421) (40,699) 29.5% Adjusted Free Cash (591,253) (1,478,477) 150.1% 147,502 566,945 284.4% 1) The variations in said account are non-cash. (2) On October 15, 2024, SLC Agrícola acquired a non-controlling interest in SLC LandCo Empr. Agrícola. The change in the percentage of interest did not result in a loss of control, with the amount disbursed being classified as a financing activity, accord ing to CPC 03.42A. The amount of (R$432.3) in “Acquisition of stake” consists: (i) (R$280.9) million payment for the acquisition of the non-controlling interest in SLC LandCo, plus (R$48.4) million of income tax paid on the transaction; (ii) the R$103 million payment for the acquisition of the stake in SLC MIT. (3) Due to the adoption of IFRS 16, the payment of leases is now booked in the Statement of Cash Flows under Financing Activi ties. However, it should be considered as operating cash disbursement. For details on payments (cotton processing unit, crop lands, buildings, machinery and vehicles), see Note 12 to the Quarterly Financial Information. Starting from 4Q24, the lease amounts are separated into principal and interest. (4) The amount of (R$383,1) for the acquisition of Sierentz, net of cash, consists: (R$442.3) million related to the payment of the first installment; (ii) 59.1 related to the cash from Sierentz acquired along with the asset or business (see Note 2 of the ITR). (5) The amount of R$115.2 of “Proceeds from sale of investment” consists: (i) R$112.3 million received corresponding to 60% of the Enterprise Value from the transaction with Terrus S.A., plus R$2.9 million related to the implementation of soil coverage in the respective area.
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20 Earnings Release | 3Q25 Fixed Assets / Capex Table 28 – Capex (1) (R$ thd) 9M24 9M25 HA 3Q24 3Q25 HA Machinery. implements and equipment 215,498 229,629 6.6% 33,682 47,235 40.2% Land acquisition 50,910 841,707 n.m. - - n.m. Soil correction 223,102 213,596 -4.3% 113,119 132,254 16.9% Buildings and facilities 142,615 136,814 -4.1% 86,993 63,643 -26.8% Cotton ginning plant 35,895 53,607 49.3% 20,427 42,180 106.5% Grain Warehouse 61,791 36,039 -41.7% 25,656 11,032 -57.0% Soil cleaning 14,668 25,548 74.2% 5,724 10,441 82.4% Vehicles 91,240 3,620 -96.0% 83,674 1,578 -98.1% Software 6,607 7,694 16.5% 1,896 1,823 -3.9% Improvements in own properties 7 33 371.4% 7 - -100.0% Improvements in Third Party Real Estate 846 58 -93.1% 189 22 -88.4% Buildings 7 862 n.m. - 556 n.m. Others 15,363 15,431 0.4% 6,470 6,363 -1.7% Total 858,549 1,564,638 82.2% 377,837 317,127 -16.1% (1) See Notes 13 and 14 to the Quarterly Financial Information. Capex in 3Q25 totaled R$317.1 million, down 16.1% from 3Q24. Among the main investments made during the quarter are: (i) acquisition of machinery, tools and equipment such as sprayers, especially for the Pioneira, Porteira, and Potência farms; (ii) investm ents in soil correction and clearing across several farms, aimed at improving fertility and preparing for cultivation; (iii) investments in the cotton ginning plant at the Parnaguá farm . In 9M25, investments totaled R$1.6 billion, up 82.2% on 9M24, driven by land acquisitions in the states of Bahia and Minas Gerais (Unaí) amounting to R$841.7 million. Irrigation The Company continues to invest strategically in irrigation systems. In 3Q25, R$43 million was allocated to the Piratini, Pamplona, Palmares, and Paysandu farms, covering the acquisition of new pivots, infrastructure development for irrigation systems, ele ctrical and hydraulic installations, as well as the drilling of artesian wells. In 9M25, total investments in irrigation reached R$72.7 million. This project aims to reduce the Company's exposure to climate risks and enable it to carry out two harvests per crop year, contributing directly to increasing the economic-financial result of these farms. Figure 1 – Capex Executed - 9M25 vs. 9M24 (R$ thd) 50,910 215,498 237,770 211,756 142,615 841,707 259,757 239,144 87,216 136,814 Land acquisition Machinery, implements and equipment Soil correction Others Buildings and facilities 9M24 9M25
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21 Earnings Release | 3Q25 Figure 2 – Capex Executed in 3Q25 and 9M25 by Type – Expansion (new investments) and Maintenance In 3Q25, capex totaled R$317.1 million, of which 37.6% was allocated to expansion (R$119.2 million), focusing on the acquisition of machinery, tools and equipment, as well as buildings and facilities, and soil clearing and correction. Maintenance capex acc ounted for 62.4% (R$197.8 million) of total capex, allocated to the execution and continuity of the Company’s operations, ensuring the operational efficiency of its production units. In 9M25, new investments accounted for 71.2% (R$1.1 billion) of total capex, driven by the acquisition of land of the Paladino farm, in Bahia and Minas Gerais (Unaí), an area operated by the Pamplona farm, totaling R$841.7 million. In 9M25, maintenance cap ex accounted for 28.8% of total capex, equivalent to R$451 million, underscoring the Company’s commitment to preserving and ensuring the optimal performance of its assets. Maintenance 62.4% Expansion 37.6% 3Q25 Maintenance 28.8% Expansion 71.2% 9M25
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22 Earnings Release | 3Q25 Debt Adjusted net debt ended 3Q25 at R$6.2 billion, representing an increase of R$2.5 billion from 3Q24, mainly due to disbursements related to crop financing , dividends payment related to the 2024 fiscal year and strategic investments. Below are the main disbursements for the period: • Final installment of the Paysandu farm (R$180 million); • Final installment of the acquisition of a non -controlling interest in SLC LandCo (R$329.3 million); • Acquisition of the Paladino farm (R$361.5 million); • Acquisition of the farm in Unaí, MG (R$95 million); • Acquisition of a non-controlling interest in SLC-MIT (R$103 million); • First installment of the acquisition of Sierentz Agro Brasil Ltda. (R$383.2 million) related to the net of Sierentz’s cash of R$59 million. Considering the amount received from Terrus, the net cash impact was (R$268 million) (see explanatory note in the cash flow statement). • Dividends payment (R$241 million). Additionally, Sierentz's gross debt (R$658.7 million) was incorporated into the Company's debt as of July 2025. As a result of these developments, the Adjusted Net Debt/Adjusted EBITDA ratio increased from 1.80x at the end of 2024 to 2.34x at the end of 3Q25, mainly due to the increase in net debt during the period. Table 29 - Gross Debt Credit Line Average Interest Rate (%) (1) Consolidated (R$ thd) Currency Indexer 4Q24 3Q25 4Q24 3Q25 Applied in Fixed Assets 36,585 178,224 Finame – BNDES BRL Prefixed 7.8% 8.3% 36,585 73,481 Finame – BNDES BRL CDI(1) - 14.2% - 104,743 Applied in Working Capital 5,588,046 7,555,165 CRA BRL CDI(1) 12.9% 15.6% 1,551,246 2,537,654 Rural Credit BRL Prefixed 7.0% - 11,928 - Rural Credit BRL CDI(1) 13.2% 15.8% 1,524,121 1,172,058 Working Capital BRL Prefixed 13.2% - 102,609 - Working Capital BRL CDI(1) 13.3% 16.0% 1,898,621 2,114,908 Export Loans BRL CDI(1) 13.3% 15.6% 499,521 1,445,526 Working Capital USD Prefixed - 7.9% - 117,275 Export Loans USD Prefixed - 7.1% - 167,744 Total Indebtedness (3) 13.1% 15.3% 5,624,631 7,733,389 (-) CRA transaction costs (26.227) (52,377) Total Indebtedness with CRA transaction costs 5,598,404 7,681,012 (1) Final interest rate with swap. (2) The transaction costs associated with the CRA are recognized in accordance with the debt amortization schedule. Table 30 - Adjusted Net Debt (R$ thd) Average Interest Rate (%) (1) Consolidated Period Indexer 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 (2) 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 (1) Final interest rate with swap. (2) Transactions with gains and losses from derivatives (Note 24, item “e” of the Quarterly Information). (3) Adjusted Gross Debt does not include CRA fees, as they have already been paid. Regarding the debt profile, there was an improvement compared to 2Q25, moving from 65% in the Long Term to 69% in 3Q25. This variation demonstrates that the Company is strategically managing the debt profile, as shown in figure 6.
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23 Earnings Release | 3Q25 Figure 3 - Changes in Leverage (Net Debt/Adjusted EBITDA Ratio) Figure 4 - Change in Adjusted Gross Debt (R$ ‘000) 2,099 2,037 2,276 2,575 2,642 4,203 3,674 5,168 5,989 6,176 2.00 1.80 2.27 2.33 2.34 0,0x 0,5x 1,0x 1,5x 2,0x 2,5x 0 1000 2000 3000 4000 5000 6000 7000 3Q24 4Q24 1Q25 2Q25 3Q25 R$ MM Adjsuted EBITDA Adjusted Net Financial Debt Adjusted Net Financial Debt X Adjusted EBITDA 5,655,440 3,830,312 658,715 (2,278,762) (532,520) 585,634 (154,620) 134,318 7,898,517 Adjusted Gross Debt Dec/2024 New Loans Sierentz Debt Principal Amortization Interest Amortization Interest Appropriation Exchange Variation SWAP Variation (MTM) Adjusted Gross Debt Sep/2025 Gross Debt Increase in Debt Reduction in Debt
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24 Earnings Release | 3Q25 Figure 6 - Adjusted Gross Debt Profile Figure 7 – Adjusted Gross Debt by Index and Instrument 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 Short Term 31% Long Term 69% 33% 15% 2% 28% 22% CRA Rural Credit BNDES Working Capital Export Financing PREFIXED 5% CDI 95% Figure 5 – Adjusted Gross Debt Amortization Schedule (R$ ‘000)
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25 Earnings Release | 3Q25 Hedge Position Foreign Exchange (FX) and Agricultural Commodity Hedge The Company’s sales revenues are generated mainly by the trading of agricultural commodities such as cotton, soybean and corn, which are quoted in U.S. dollar on international exchanges, such as the Chicago Board of Trade (CBOT) and the Intercontinental Ex change Futures US (ICE). Therefore, we are actively exposed to variations in FX rates and in the prices of these commodities. To protect our exposure from FX variation we use derivative instruments, whose portfolio basically comprises non - deliverable forwards (NDFs). In line with the Company’s Risk Management Policy, whose goal is to obtain a pre-established operating margin from a combination of factors such as price, exchange Rate and Cost, most of the instruments for protecting against variations in comm odity prices are accomplished through advanced sales directly to our clients (forward contracts). We also use futures and options contracts negotiated on the exchange and transactions involving swaps and options with financial institutions. The hedge posit ions for commodities (in relation to the estimated total volume invoiced) and FX (in relation to the total estimated revenue in U.S. Dollar) are shown below, broken down by commercial hedge and financial hedge and updated as of November 3: Table 31 – Updated Hedge Position 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$/USD 5.6244 5.9232 USD/bu(2) 11.48 11.02 Commitments %(1) - 29.4 Commitments %(1) - 11.8 FX Hedge – Cotton Commercial Hedge – Cotton Crop Year 2024/25 2025/26 Crop Year 2024/25 2025/26 % 92.9 25.9 % 63.0 27.2 R$/USD 6.0990 6.3998 US¢/lb(2) 76.27 74.17 Commitments %(1) - 23.6 Commitments %(1) - - FX Hedge – Corn Commercial Hedge – Corn Crop Year 2024/25 2025/26 Crop Year 2024/25 2025/26 - - - % 57.1 6.5 - - - R$/bag(3) 51.28 54.44 % 98.7 40.0 % 39.3 12.1 R$/USD 5.7572 5.7842 USD/bag(3) 8.50 8.35 Commitments %(1) - 19.4 Commitments %(1) - - (1) Commitments with payments for fixed-rate securities in U.S. dollar, natural hedge with payments related to land acquisitions and lease agreements based on soybean bags. (2) Based on FOB Port - prices at our production units also are also influenced by transport expenses and any discounts for quality (3) Farm-level pricing.
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26 Earnings Release | 3Q25 ESG Reporting to Stakeholders SLC Agrícola executes the largest automated carbon calculation operation in Brazil's agribusiness sector Company has reached a significant milestone in its sustainability journey by completing, in partnership with deeptech company Fluere, the largest automated greenhouse gas calculation operation ever conducted in Brazilian agribusiness. The project monitors 835,000 hectares of the Company’s productive land, providing auditable data aligned with international standards such as the GHG Protocol and SBTi FLAG. This achievement further establishes Company as a leader in climate management and technological innovation in the agricultural sector. Launched in 2021 as part of SLC Agrícola's AgroX innovation program, the project has evolved into a fully digital Monitoring, Reporting, and Verification (MRV) platform that enables real -time tracking of greenhouse gas emissions —by crop, season, and hectare —using predictive analytics and integration with the company’s management systems. Results achieved to date: • 23 farms and over 2,000 monitored fields; • More than 50 million records processed; • 99.07% of the processes were automated; • Standardized reports by season and crop; • Compliance with RenovaBio and EU CBAM. SLC Agrícola is recognized among the most sustainable farms in Brazil SLC Agrícola was recognized in the 9th edition of the Sustainable Farm Award, organized by Globo Rural magazine, which honors the leading environmental, social, and economic practices in Brazilian agribusiness. The Pamplona farm, located in the states of Goiás and Minas Gerais, achieved 3rd place nationally among the country’s most sustainable large -scale properties. This award underscores the Company’s commitment to low-carbon, regenerative, and economically efficient agricultural production, fully aligned with Company’s strategic sustainability goals, including net-zero emissions by 2030 and a circular economy with zero landfill waste. Article by fama re.capital highlights SLC Agrícola as a benchmark in regenerative agriculture and climate resilience SLC Agrícola was featured in the new study by fama re.capital titled “Regenerative Agriculture, Climate Resilience, and Productivity: Lessons from the SLC Agrícola Case." The analysis, grounded in scientific and publicly available data on the Company’s practices, illustrates how the implementation of regenerative agricultural systems enhances climate resilience, reduces operational costs, and strengthens the competitiveness of Brazilian agribusiness. According to the study, the Company 's farms that have adopted regenerative practices experienced less year -to-year yield variation, even during severe droughts, demonstrating greater stability and adaptability to climate change. Regenerative systems also reduced the use of synthetic inputs, such as fertilizers and crop protection products, resulting in both financial and operational gains. The analysis covered nearly two decades of agronomic and productivity data from the Company, spanning approximately 735,000 hectares with at least one regenerative agriculture practice in the 2024/25 harvests. This recognition underscores Company’s leadership in sustainable practices and its commitment to integrating productivity, innovation, and climate risk mitigation. The Company remains committed to its mission of transforming agribusiness through climate -smart strategies, transparency, and positive impact, thereby supporting the long-term competitiveness and financial stability of Brazilian agriculture.
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27 Earnings Release | 3Q25 SLC Agrícola receives gold seal for greenhouse gas inventory SLC Agrícola has achieved the Gold Seal from the Brazilian GHG Protocol Program for the fourth consecutive year, recognizing the accuracy and transparency of its 2024 carbon emissions and removals reporting. This certification underscores the Company’s com mitment to responsible climate management and its ongoing progress toward achieving net zero emissions by 2030, supported by regenerative agriculture practices and concrete actions to mitigate the impacts of climate change. Areas affected by fires In line with its Zero Deforestation Policy, the Company reaffirms that it has not converted native vegetation areas for agricultural production since 2021 and does not use burning as a land preparation method. The Company maintains robust fire monitoring and response systems, particularly because most of its operations are located in the Cerrado biome, where dry seasons, high temperatures and strong winds significantly increase the risk of natural fire outbreaks. In the third quarter of 2025, fire incidents were recorded in native vegetation areas across nine farms, resulting in a total burned area of 6,784 hectares. The largest affected areas were on the Planeste farm, with 3,417 hectares impacted, and the Parnagu á farm, with 1,092 hectares. Other farms impacted included Paineira, Pamplona, Panorama, Parceiro, Piratini, Palmeira, and Parnaíba. The third quarter, which is the most critical period of the year from a climate perspective, typically sees a higher incidence of such events due to the extreme low humidity and intense heat characteristic of the Cerrado biome. Even so, the area affected b y fire was 8.7% smaller compared to the same period last year. The Company is closely monitoring the recovery of vegetation, which generally regenerates naturally and rapidly due to the ecological characteristics of the Cerrado. If regeneration does not occur properly, the Company will implement specific environmental recovery actions. SLC Agrícola remains vigilant and well-prepared, employing preventive and response measures such as water trucks, trained fire brigades, surveillance in critical zones, firebreaks, strategic roadways, and specialized equipment. The Company also leverages technology for real -time monitoring through georeferencing and satellite imagery, ensuring a swift and effective response to any heat source. The Company is steadfast in its commitment to ongoing investment in environmental protection and enhanced climate resilience of its operations.
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28 Earnings Release | 3Q25 Additional operational and economic-financial data Click the links below to download the information in Excel format. Financial performance tables Data related to financial and economic performance, such as revenue, cost, gross income, profit, EBITDA, debt, and other information included in the financial performance section. Operational data Data on planted area by crop, budgeted yield versus forecast, breakdown of production costs, machinery base, and storage capacity. Land data Planted area data and land portfolio. Click here to download an Excel file with the financial statements. Click here to download an Excel file with operational tables Click here to download an Excel file with land data
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29 Earnings Release | 3Q25 Location of production units and headquarters MT 313,224 BA 151,930 1. Pampeira 32,719 14, Panorama 18.701 2. Piracema 16,925 15, Paladino 21.779 3. Pirapora 17,242 16, Paysandu 40.821 4. Próspera 30,988 17, Piratini 25.015 5. Planorte 30,744 18, Palmares 26.983 6. Paiaguás 64,881 19, Parceiro 18.631 7. Perdizes 31,518 MA 228,613 8. Pioneira 65,177 20, Parnaíba 55.049 9. Preciosa 23,030 21, Palmeira 13.583 MS 65,187 22. Planeste 62,346 10. Pantanal 42,675 23, Perpétua 27.962 11. Planalto 22,512 24, Potência 69.673 GO & MG 26,446 PI 36,508 12. Pamplona 26,446 25, Parnaguá 27.605 PA 13,846 26. Paineira 8,903 13. Porteira 13,846 Planted area of farms operated by SLC Agrícola (1st and 2nd Crop) – Forecast for 2025/26 crop year: 835,754 hectares 731.644 hectares Irrigated Area (ha) Planted Area Physical 1. Palmares 2,889 1,548 2. Pamplona 5,200 3,563 3. Paysandu 13,879 7,962 4. Piratini 13,738 6,869 Total 35,706 19,942 % Planted Area 4.3% (1) 3.6% (2) (1) Total planted area considering 1st and 2nd crop. (2) Considering only own 1st-crop physical area. 2% PA 13,846 ha MS 65,187 ha MT 313,224 ha BA 151,930 ha ha MA 228,613 ha GO + MG 26,446 ha PI 36,508 ha 8% 37% 3% 4% 27% 18% 2%
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30 Earnings Release | 3Q25 Exhibit 1 – Balance Sheet: Assets (R$ thd) 12/31/2024 VA 09/30/2025 VA AH Current Assets 8,390,257 47.7% 8,994,607 43.8% 7.2% Short-term interest earning bank deposits 1,979,575 11.3% 1,720,578 8.4% -13.1% Accounts receivable 251,157 1.4% 278,552 1.4% 10.9% Advances to suppliers 30,551 0.2% 31,731 0.2% 3.9% Inventories 3,780,562 21.5% 5,181,966 25.2% 37.1% Biological assets 1,785,392 10.2% 789,930 3.8% -55.8% Income tax and social contribution recoverable 83,284 0.5% 127,647 0.6% 53.3% Recoverable taxes 123,794 0.7% 191,497 0.9% 54.7% Securities and credits receivable 23,176 0.1% 87,904 0.4% 279.3% Operations with derivatives 286,904 1.6% 437,929 2.1% 52.6% Intercompany transactions 384 0.0% - 0.0% n.m Other accouns receivable 15,836 0.1% 23,467 0.1% 48.2% Prepaid expenses 27,245 0.2% 121,590 0.6% 346.3% Assets held for sale 2,397 0.0% 1,816 0.0% -24.2% Non-current assets 9,184,085 52.3% 11,530,845 56.2% 25.6% Financial investments 1,587 0.0% 1,728 0.0% 8.9% Income tax and social contribution recoverable 11,580 0.1% 12,468 0.1% 7.7% Recoverable taxes 258,392 1.5% 374,363 1.8% 44.9% Deferred inceome and social contribution taxes 351,448 2.0% 255,208 1.2% -27.4% Operations with derivatives 298,888 1.7% 253,032 1.2% -15.3% Securities and credits receivable 521 0.0% 71,328 0.3% n.m. Advances to suppliers 30,288 0.2% 36,929 0.2% 21.9% Prepaid expenses 668 0.0% 466 0.0% -30.2% Other credits 61,078 0.3% 144,554 0.7% 136.7% 1,014,450 5.8% 1,150,076 5.6% 13.4% Investments 4,457 0.0% 6,170 0.0% 38.4% Investment Property's 58,683 0.3% 53,182 0.3% -9.4% Right of use asset 2,567,191 14.6% 2,694,707 13.1% 5.0% immobilized 5,417,528 30.8% 7,053,082 34.4% 30.2% Intangible 121,776 0.7% 573,628 2.8% 371.1% 8,169,635 46.5% 10,380,769 50.6% 27.1% TOTAL ASSETS 17,574,342 100.0% 20,525,452 100.0% 16.8% Click here to download an Excel file with the balance
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31 Earnings Release | 3Q25 Exhibit 2 – Balance Sheet: Liabilities (R$ thd) 12/31/2024 VA 09/30/2025 VA AH Liabilities 6,145,505 35.0% 5,813,497 28.3% -5.4% Suppliers 1,888,315 10.7% 1,519,129 7.4% -19.6% Loans and financing 1,685,130 9.6% 2,328,759 11.3% 38.2% Income tax and social contribution payable 1,716 0.0% 32,987 0.2% n.m. Taxes, rates and sundry contributions 16,246 0.1% 13,208 0.1% -18.7% Social charges and labor legislation obligations 111,208 0.6% 147,059 0.7% 32.2% Advances from clients 531,616 3.0% 631,620 3.1% 18.8% Debts with realted parties 104 0.0% - 0.0% n.m. Operations with derivatives 794,133 4.5% 198,868 1.0% -75.0% Securities payable 612,844 3.5% 618,699 3.0% 1.0% Provisions for tax, environm., civil and labor risks 13,741 0.1% 3,548 0.0% -74.2% Dividends payable 120,857 0.7% 38 0.0% n.m. Realted party lease liability 618 0.0% 2,728 0.0% 341.4% Third party lease liability 248,995 1.4% 264,170 1.3% 6.1% Others accounts payables 119,982 0.7% 52,684 0.3% -56.1% Non-current liabilities 7,324,295 41.7% 9,375,059 45.7% 28.0% Loans and financing 3,913,274 22.3% 5,352,253 26.1% 36.8% Deferred income tax and social contribution 172,793 1.0% 649,826 3.2% 276.1% Operations with derivatives 415,806 2.4% 173,146 0.8% -58.4% Securities payable - 0.0% 184,981 0.9% n.m. Realted party lease liability 2,099 0.0% 9,161 0.0% 336.4% Third party lease liability 2,815,335 16.0% 2,938,199 14.3% 4.4% Provisions for tax, environm., civil and labor risks - 0.0% 44,266 0.2% n.m. Other debits 4,988 0.0% 23,227 0.1% 365.7% Shareholders' equity 4,104,542 23.4% 5,336,896 26.0% 30.0% Capital 2,012,522 11.5% 2,012,522 9.8% 0.0% Capital reserves (240,778) -1.4% (238,745) -1.2% -0.8% (-) Treasury shares (48,580) -0.3% (38,882) -0.2% -20.0% Profit reserves 1,591,319 9.1% 1,470,811 7.2% -7.6% Retained Earnings/Losses - 0.0% 612,349 3.0% n.m. Other comprehensive income 683,187 3.9% 1,447,688 7.1% 111.9% Non-controlling shareholders in subsidiaries 106,872 0.6% 71,153 0.3% -33.4% TOTAL LIABILITIES 17,574,342 100.0% 20,525,452 100.0% 16.8%
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32 Earnings Release | 3Q25 Exhibit 3 – Income Statement (R$ thd) 9M24 9M25 HA 3Q24 3Q25 HA Net Operating Revenue 4,940,389 6,280,882 27.1% 1,631,878 2,087,705 27.9% Cotton lint 2,300,513 2,280,516 -0.9% 777,789 649,860 -16.4% Cottonseed (cottonseed + cotton seed) 167,697 255,077 52.1% 84,665 127,390 50.5% Soybean (commercial + seed) 1,732,188 2,667,009 54.0% 343,845 457,417 33.0% Corn 344,868 649,148 88.2% 299,664 597,866 99.5% Cattle Herd 128,654 222,273 72.8% 69,204 119,391 72.5% Others 57,946 101,834 75.7% 22,452 56,252 150.5% Hedge income 208,523 105,025 -49.6% 34,259 79,529 132.1% Variation in the Fair Value of Biological Assets 818,153 1,187,685 45.2% 19,947 291,331 n.m. Cost of goods sold (3,516,400) (4,169,491) 18.6% (1,194,456) (1,486,008) 24.4% Cotton lint (1,473,886) (1,569,244) 6.5% (512,266) (491,032) -4.1% Cottonseed (cottonseed + cotton seed) (138,383) (149,245) 7.8% (67,826) (78,416) 15.6% Soybean (commercial + seed) (1,398,170) (1,695,784) 21.3% (261,857) (355,694) 35.8% Corn (295,863) (440,146) 48.8% (261,317) (409,601) 56.7% Cattle Herd (121,783) (187,853) 54.3% (62,396) (99,826) 60.0% Others (88,315) (127,219) 44.1% (28,794) (51,439) 78.6% Realization of the Fair Value of Biological Assets (485,777) (944,422) 94.4% (178,282) (270,456) 51.7% Gross Income 1,756,365 2,354,654 34.1% 279,087 622,572 123.1% Operating expenses/income (509,730) (751,274) 47.4% (206,132) (338,526) 64.2% Sales expenses (283,254) (398,661) 40.7% (122,572) (188,373) 53.7% General and administrative expenses (201,673) (245,914) 21.9% (64,093) (79,963) 24.8% General and administrative (156,537) (189,301) 20.9% (57,146) (70,362) 23.1% Provision for profit share program (45,136) (56,613) 25.4% (6,947) (9,601) 38.2% Management compensation (18,995) (17,266) -9.1% (4,485) (4,214) -6.0% Equity income (8) (31) 287.5% 1 5 400.0% Other operating income (expenses) (5,800) (89,402) n.m. (14,983) (65,981) 340.4% Income (loss) before financial income (loss) and taxes 1,246,635 1,603,380 28.6% 72,955 284,046 289.3% Financial income 361,141 487,266 34.9% 86,797 173,338 99.7% Financial expenses (986,993) (1,232,382) 24.9% (297,843) (510,974) 71.6% Income (loss) before income tax 620,783 858,264 38.3% (138,091) (53,590) -61.2% Income and social contribution taxes (87,710) (222,252) 153.4% 120,809 39,065 -67.7% Current (2,602) (79,579) n.m. 50,203 (41,299) n.m. Deffered (85,108) (142,673) 67.6% 70,606 80,364 13.8% Net Income (loss) for the period 533,073 636,012 19.3% (17,282) (14,525) -16.0% Attributed to the partners of SLC Agrícola S.A. 544,043 611,372 12.4% 857 (10,988) n.m. Attributed to the partners of Joint-Ventures/Partnerships (10,970) 24,640 n.m. (18,139) (3,537) -80.5% Click here to download an Excel file with the Income Statement
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33 Earnings Release | 3Q25 Exhibit 4 – Statement of Cash Flows R$ (thd) 9M24 9M25 HA 3Q24 3Q25 HA Net cash from operating activities 549,768 999,762 81.9% 531,171 1,049,546 97.6% Cash generated from operations 1,606,466 2,035,264 26.7% 514,492 501,113 -2.6% Net profit (loss) before IRPJ / CSLL 620,783 858,264 38.3% (138,091) (53,590) -61.2% Depreciation and amortization 204,572 304,725 49.0% 79,263 106,634 34.5% Amortization of Right of Use 211,750 288,620 36.3% 74,223 96,073 29.4% Interest, FX and Monetary Correction 503,902 399,628 -20.7% 125,401 192,507 53.5% Share-based compensation 3,021 10,649 252.5% 947 3,564 276.3% Equity equivalence 8 31 287.5% (1) (5) 400.0% Variation of Biological Assets 35,325 (23,916) n.m. 384,478 171,273 -55.5% Variation in the net realizable value of agricultural products (VRLPA) (367,702) (219,347) -40.3% (226,144) (192,148) -15.0% Provision part. Results and labor contingencies 50,441 59,688 18.3% 11,860 9,928 -16.3% Provision for loss of recuperable taxes 11,539 23,358 102.4% 3,944 1,665 -57.8% Bad Debits Provision 408 - n.m. 408 - n.m. Fair Value of Investment Properties (16,430) (1,360) -91.7% - - - Recognition of the present value adjustment of payables 17,527 36,277 107.0% 6,053 17,430 188.0% Recognition of the present value adjustment of leases 220,050 234,495 6.6% 71,107 78,070 9.8% Loss on transaction with investments - 51,884 n.m. - 51,884 n.m. Other transactions - fixed assets 94,880 26,260 -72.3% 78,362 13,619 -82.6% Others 16,392 (13,992) n.m. 42,682 4,209 -90.1% Changes in Assets and Liabilities (1,056,698) (1,035,502) -2.0% 16,679 548,433 n.m. Accounts receivable from customers (35,220) 24,744 n.m. (16,687) (72,022) 331.6% Stocks and biological assets 202,683 49,337 -75.7% (13,415) (150,691) n.m. Taxes to recover (146,348) (83,211) -43.1% (65,577) 17,148 n.m. Financial investments (437) (141) -67.7% (34) (52) 52.9% Other accounts receivable (121,226) (159,700) 31.7% (47,520) (11,326) -76.2% Advance to suppliers (22,079) 762 n.m. 767 18,485 n.m. Suppliers (480,294) (678,122) 41.2% 151,370 649,832 329.3% Tax and social obligations 1,675 (99,487) n.m. 76,803 (22,032) n.m. Obligations with controlled companies 21,260 (104) n.m. 23,699 (734) n.m. Derivative transactions (219,793) 321,787 n.m. (45,934) 94,349 n.m. Securities payable (2,932) 200,149 n.m. 2,470 6,157 149.3% Advances from customers 201,624 93,596 -53.6% 137,724 245,720 78.4% Other bills to pay (57,097) (65,111) 14% (40,992) (845) -97.9% Operating Leases Payable (16,762) - 128.6% - - - Income tax and social contribution paid (127,842) (38,326) -70.0% (31,439) (7,957) -74.7% Interest on paid leases (45,457) (69,155) 52.1% (3,954) (5,167) 30.7% Interest on loans paid (208,453) (532,520) 155.5% (110,602) (212,432) 92.1% Net Cash Investing Activities (739,227) (1,594,401) 115.7% (352,282) (441,954) 25.5% In fixed assets (712,828) (663,154) -7.0% (332,803) (171,872) -48.4% In intangible (6,607) (7,694) 16.5% (1,895) (1,823) -3.8% Land return payment - (636,500) n.m. - - - Sierentz acquisition, net of cash - (383,177) n.m. - (383,177) n.m. Proceeds from sale of investment - 115,217 n.m. - 115,217 n.m. Capital subscription (2,100) (1,650) -21.4% - - - Other Investments (17,692) (17,443) -1.4% (17,584) (299) -98.3% Net Cash Before Financing Activities (189,459) (594,639) 213.9% 178,889 607,592 239.6% Net Cash Financing Activities 306,836 335,642 9.4% 450,390 (36,626) n.m. Sale and repurchase of shares (7,219) 7,103 n.m. 650 - n.m. Loans and financing taken 2,129,043 3,800,943 78.5% 1,162,481 1,033,030 -11.1% Loans and financing paid (923,137) (2,278,762) 146.8% (665,611) (977,514) 46.9% Derivatives Paid/Received (66,683) (68,336) 2.5% (14,624) (51,365) 251.2% Capital subscription 900 - n.m. 900 - n.m. Acquisition of stake - (432,321) n.m. - - - Dividends paid (423,837) (241,327) -43.1% (1,985) (78) -96.1% Paid Leases (402,231) (451,658) 12.3% (31,421) (40,699) 29.5% Increase (Decrease) in Cash and Cash Equivalents 117,377 (258,997) n.m. 629,279 570,966 -9.3% Opening Balance of Cash and Cash Equivalents 1,613,703 1,979,575 22.7% 1,101,801 1,149,612 4.3% Final Balance of Cash and Cash Equivalents 1,731,080 1,720,578 -0.6% 1,731,080 1,720,578 -0.6% - Presented Free Cash (189,459) (594,639) 213.9% 178,889 607,592 239.6% Change in financial investments account (1) 437 141 -67.7% 34 52 52.9% Acquisition of stake - (432,321) n.m. - - - Paid Leases(2) (402,231) (451,658) 12.3% (31,421) (40,699) 29.5% Adjusted Free Cash (591,253) (1,478,477) 150.1% 147,502 566,945 284.4% 1) The variations in said account are non -cash. (2) On October 15, 2024, SLC Agrícola acquired a non-controlling interest in SLC LandCo Empr. Agrícola. The change in the percentage of interest did not result in a loss of contr ol, with the amount disbursed being classified as a financing activity, accord ing to CPC 03.42A. The amount of (R$432.3) in “Acquisition of stake” consists: (i) (R$280.9) million payment for the acquisition of the non -controlling interest in SLC LandCo, plus (R$48.4) million of income tax paid on the transaction; (ii) the R$103 million payment for the acquisition of the stake in SLC MIT. (3) Due to the adoption of IFRS 16, the payment of leases is now booked in the Statement of Cash Flows under Financing Activi ties. However, it should be considered as operating cash disbursement. For details on payments (cotton processing unit, crop lands, buildings, machinery and vehicles), see Note 12 to the Quarterly Financial Information. Starting from 4Q24, the lease amounts are separated into principal and interest. (4) The amount of (R$383,1) for the acquisition of Sierentz, net of cash, consists : (R$442.3) million related to the payment of the first installment ; (ii) 59.1 related to the cash from Sierentz acquired along with the asset or business (see Note 2 of the ITR). (5) The amount of R$115.2 of “Proceeds from sale of investment” c onsists: (i) R$112.3 million received corresponding to 60% of the Enterprise Value from the transaction with Terrus S.A., plus R$2.9 milli on related to the implementation of soil coverage in the respective area. As from 4Q24 (compared to 4Q23), we break down leases into principal and interest, with part of them considered under Changes in assets and liabilities and part under Net cash from financing activities. The total amount paid is demonstrated below: R$ (thd) 9M24 9M25 HA 3Q24 3Q25 HA Paid Leases (447,688) (520,813) 16.3% (35,375) (45,866) 29.7% Interest on paid leases (45,457) (69,155) 52.1% (3,954) (5,167) 30.7% Paid Leases (402,231) (451,658) 12.3% (31,421) (40,699) 29.5% Click here to download the Excel file with the Statement of Cash
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34 Earnings Release | 3Q25 Investor Relations Department E-mail:ri@slcagricola.com.br Investor Relations Coordinator Financial Planning and Investor Relations Manager Chief Financial and Investor Relations Officer Ivo Marcon Brum André Vasconcellos Alisandra Reis Investor Relations Analyst Daniel Batista Investor Relations Specialist Laiza Rocha