BrasilAgro Companhia Brasileira de Propriedades Agrícolas (AGRO3) investor relations material

Executive summary

• Net revenue for the first quarter was R$286.6 million, with Adjusted EBITDA of R$64.3 million and a net loss of R$64.3 million, reflecting seasonality, lower sugarcane sales, and significant mark-to-market impacts.

• Revenues from operations decreased 7% year-over-year, and net sales revenue dropped 33% year-over-year.

• Operational results benefited from diversification across commodities, with stable cattle headcount and significant farm asset sales in prior periods, despite challenging market conditions.

• Dividend of R$75 million (R$0.75/share, 9.6% yield) was approved and distributed.

Financial highlights

• Adjusted EBITDA margin fell to 22% from 37% a year earlier, and net income margin was -22%, indicating a swing to net loss.

• Gross margins were positive for soybeans (30–32%) and corn (20–40%), but negative for beans, cotton, and cattle raising.

• Net debt stands at R$642–658 million, with cash and cash equivalents up 53–58% year-over-year.

• Receivables from farm sales and soy total over R$650 million, supporting future cash inflows and liquidity.

• Adjusted Net Debt/Adjusted EBITDA improved to -0.06x from -0.12x, reflecting lower leverage.

Outlook and guidance

• 2025/26 harvest projects 21% higher total crop production, with soybeans up 17% and corn up 43% year-over-year.

• Planted area for soybeans is expected to rise 5%, corn 69%, and cotton to decline 70%.

• Planting in Mato Grosso is progressing within the optimal window, with 34% of the soybean area sown and 1.6 million tons of sugarcane harvested by September.

• Input purchases for the 25/26 harvest are well advanced, with most key fertilizers and defensives secured.

• The season is expected to be influenced by a low-intensity La Niña, with weather risks remaining.