Boa Safra Sementes (SOJA3) investor relations material

Executive summary

• Achieved record sales and gross operating revenue growth of 58% in Q3 2025, with net operating income rising 56% year-over-year to R$1.1 billion, driven by strong soybean seed shipments and portfolio diversification, despite challenging agribusiness and climate conditions.

• Expanded production capacity and geographic presence through acquisitions, new leases, and operational units in southern Brazil and São Paulo, including the launch of SBS Green Seeds.

• Maintained operational resilience with a 94% average germination rate for soybean seeds for the fourth consecutive year.

• Adjusted EBITDA grew 53% to R$114 million in Q3 2025, with a stable margin of 10%.

• Net income increased 26% to R$68 million in Q3 2025, though LTM net income fell 35% due to a high comparison base.

Financial highlights

• Gross operating revenue for Q3 2025 was R$1.2 billion, up 58% year-over-year, with net operating revenue at R$1.1 billion.

• Gross profit rose 51% to R$148 million, with gross margin stable at 13%.

• Adjusted EBITDA for the quarter reached R$114 million, up from R$74 million, and LTM adjusted EBITDA at R$227 million.

• Order backlog reached a record R$862 million, up from R$730 million year-over-year.

• Capex for the year was R$39 million, focused on automation and infrastructure for regenerative agriculture.

Outlook and guidance

• Q4 2025 is expected to be strong, with higher inventory and backlog supporting further sales growth and continued strong shipments aligned with the soybean planting schedule.

• Anticipate a more normalized year in 2026, with improved margins and working capital efficiency as market conditions stabilize.

• Strategic focus is shifting from rapid expansion to efficiency and disciplined capital allocation due to high interest rates.

• Portfolio diversification continues, with revenue from new crops and services reaching R$1,008 million in 9M25.