Sao Martinho S.a. · BMFBOVESPA:SMTO3
Sao Martinho — 4Q25 Earnings Presentation
12 slides from Sao Martinho's earnings presentation, June 2025
Slide 1: São Martinho Earnings Release 4th Quarter 2024/25 Crop Year
São Martinho Earnings Release 4 th Quarter 2024/25 Crop Year June 2025
Slide 2: Disclaimer
DISCLAIMER ▪ This presentation contains forward-looking statements relating to the business outlook, operating and financial projections, and the growth prospects of São Martinho S.A. These statements merely represent projections and as such are based exclusively on management’s expectations about t
Slide 3: Agenda
1 FINANCIAL HIGHLIGHTS 2 PRODUCT MARGIN 3 CORN ETHANOL COMPETITIVENESS 4 SUGAR PRICE EVOLUTION 5 BRAZILIAN HARVEST 6 INDEBTNESS AGENDA 7 GUIDANCE 3
Slide 4: Financial Highlights
FINANCIAL HIGHLIGHTS ∆ ∆ ∆ 4Q25 3Q25 4Q24 12M25 12M24 4Q25/3Q25 4Q25/4Q24 12M25/12M24 Net Rev enue¹ 1,738,986 1,845,015 2,423,011 -5.7% -28.2% 7,199,269 6,922,302 4.0% Adjusted EBI TDA 771,412 1,058,358 1,154,082 -27.1% -33.2% 3,445,216 3,070,147 12.2% THOUSANDS OF R$ Adjusted EBITDA Margin 44.4% 57
Slide 5: Product Margin: Sugarcane
PRODUCT MARGIN: SUGARCANE Sugar Ethanol BRL/ton BRL/m3 6,000.0 2,731 Price 2,700.0 2,476 -0.4% 2,465 5,000.0 2,700.0 4,500.0 5,000.0 2,500.0 2,422 2,500.0 +12.1% 4,000.0 2,300.0 2,300.0 + 2.9% 4,000.0 3,500.0 2,100.0 2,100.0 2,726 3,000.0 1,900.0 1,900.0 2,432 3,000.0 1,961 2,017 2,500.0 1,700.0 Cas
Slide 6: Corn Ethanol Competitiveness in Goiás | Hydrous
CORN ETHANOL COMPETITIVENESS IN GOIAS | HYDROUS 2789.0 33.0 CASH COSRT BREAKEVEN (Corn; Unit. Cost1) Boa Vista – GO -944.0 -253.0 1625.0 ✓ Corn Ethanol ~23% lower than sugarcane -BRL 911/m3 ethanol at UBV (33%) • base cost ~7% higher • Higher relative contribution from Co- Cash Cost Cogen. Net. Rev.
Slide 7: Sugar Price Evolution
SUGAR PRICE EVOLUTION Sugar – 12M25 SUPPLY AND DEMAND2 Actual - BRL/TON 3.9 204/25 2025/26E 1.7 1.2 BRAZIL 40.2 | -5.8% 42.0 | +5.9% MM TON; (CS) Price 2,465 -0.4 INDIA 26.0 | -24% 31.6 | +22% -2.5 -2.1 Own Cane 2,533 -4.8 -5.0 THAILAND 10.5 | +14.6% 11.2 | +20% 18/19 19/20 20/21 21/22 22/23 23/24 2
Slide 8: Brazilian Harvest & Impact of Fires
BRAZILIAN HARVEST & IMPACT OF FIRES 1,556 1,547 1,320 1,327 12M26 Scenario: • Central South region breaks 10% so far (Jun/25) 22.4 22.8 22.2 21.8 22.6 • Surprise in sugar production in CS (42 MM tons) is currently unlikely Guidance Forecast Guidance Actual Guidance Jun/24 Pre-Aug/24 Nov/24 12M25 12M
Slide 9: Indebtedness
INDEBTNESS Mar/25 Mar/24 Chg.% Agribusiness Certificate of Receiv ables (CRA) 1,953,079 1,216,748 60.5% BNDES / FI NAME 2,028,052 1,721,113 17.8% Working Capital/ NCE (Export Credit Note) 378,501 720,991 -47.5% THOUSANDS OF R$ Debentures 2,447,440 2,317,492 5.6% PPE (Export prepayment) 58,755 102,70
Slide 10: Production Guidance
PRODUCTION GUIDANCE Production: • Stability in TRS Produced • Recovery of sugarcane milling after Guidance Actual Var. (%) the 2024/25 harvest fires 12M26 12M25 Operational Data • Dry weather at the beginning of the TRS Produced ('000 tons) 3,539.0 3,476.4 1.8% year impacts the potential Agricultura
Slide 11: Capex Guidance
CAPEX GUIDANCE Investment cycle: • End of the cycle in line with strategic planning • Financing: credit lines that enables leveraged returns Modernization/Expansion: BRL 200 MM • Second Phase Corn Project : BRL 33MM Guidance Actual • Other projects: Var. (%) 12M26 12M25 - Irrigation; CAPEX Maintanen
Slide 12: Investor Relations
INVESTOR RELATIONs +55 11 2105-4100 ri@saomartinho.com.br www.saomartinho.com.br/ri www.saomartinho.com.br