Sao Martinho S.a. · BMFBOVESPA:SMTO3
Sao Martinho — Q3 2024/25 Earnings Presentation
11 slides from Sao Martinho's earnings presentation, February 2025
Slide 1: São Martinho 3rd Quarter Results 2024/25 Crop Season
São Martinho 3rd Quarter Results 2024/25 Crop Season February 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 PRODUCTION 2 FINANCIAL HIGHLIGHTS 3 MARGINS: SUGAR CANE 4 TRADING 5 CORN OPERATIONS 6 PRICE EVOLUTION 7 AGENDA ETHANOL MARKET 3
Slide 4: Production
PRODUCTION Production: 9M25 9M24 ∆ • Greater Ethanol mix 9M25/9M24 Operational Data • Impact of fires TRS Produced ('000 tons) 3,398.1 3,381.7 0.5% • Corn plant operating at full Agricultural - Sugarcane Crushed Sugarcane (‘000 tons) 21,788.2 23,067.0 -5.5% capacity Agricultural Yield (ton/ha) 79.0
Slide 5: Financial Highlights
FINANCIAL HIGHLIGHTS Adj.EBITDA Tax Credits Norm. Adj. EBITDA Var. Adj.EBITDA Adj.EBIT Norm. Adj. EBIT Tax Credits Var. Adj.EBIT 3Q25 3Q25 3Q24 3Q25 3Q25 3Q24 - 3.4% + 12.8% 5,000.0 1,200 4,000.0 (‘000 tons; R$/ton) 2,771.9 (‘000 tons; R$/ton) 1400.0 3100.0 2,508.1 2,422.3 1,000 2,458.0 3,000.0 ETHA
Slide 6: Margins: Sugar Cane
MARGINS: SUGAR CANE Sugar Ethanol R$/ton R$/m3 5,000.0 3,000.0 6,000.0 2,561.6 2,652.3 2,435.5 2,471.0 Price 2,500.0 4,500.0 2,500.0 5,000.0 2,000.0 4,000.0 2,000.0 + 8,3 % 1,500.0 3,500.0 4,000.0 1,500.0 1,000.0 3,000.0 - 1,9 % 500.0 2,633.1 2,500.0 1,000.0 3,000.0 1,948.8 1,912.4 2,430.4 Cash Cost
Slide 7: Trading
TRADING Sugar: Açúcar • 81% invoiced 81.0% • 100% priced Sugar Cane Ethanol: Etanol Cana • 69% invoiced 69.3% • 31% to be sold Corn Ethanol: Etanol Milho • 54% invoiced 53.9% • 46% to be sold Produced TRS: Total 72.4% ATR 72% marketed and invoiced 7
Slide 8: Corn Operations
CORN OPERATIONS Crushing 9M25: • 402 ktons Realizado 6M25 • In accordance with the Guidance Corn costs: • 9M25: ~R$ 55/bag • Future deliveries: ~R$ 53/bag Operating Highlights: Posição de Milho Corn to Ethanol Conversion ~41% (em 30/09/24) Corn Gross Price Net Price Purchases (R$/Sc) (R$/Sc) (Tons)
Slide 9: Price Evolution
PRICE EVOLUTION Sugar – 9M25 Realizado - R$/TON SUPPLY AND DEMAND2 Price 2,490 HEDGE POSITION 31/12/24 (MM TON) Own Cane 2,600 Sugar hedged Avg. Price Avg. Price (tons) (USD c/p) (R$/ton) Consecana 2,169 24/25 Harvest 170,796 20.29 163,891 20.29 2,399 6,904 20.29 not hedged - 1.4% 25/26 Harvest 499,
Slide 10: Ethanol Market
ETHANOL MARKET Market Updates in 2025/26 Increase in the ICMS on Gasoline: Parity Ethanol x 76% 77% 76% Better competitiveness of Ethanol Gasoline 69% 70% (%) 67% 71% 70% 73% 74% 61% 70% 74% 62% Single phase taxation of PIS/COFINS: 68% 69% 68% 65% 64% 65% Better competitiveness of Hydrated. E30 (Bra
Slide 11: Relações com Investidores
RELAÇÕES COM INVESTIDORES +55 11 2105-4100 ri@saomartinho.com.br www.saomartinho.com.br/ri www.saomartinho.com.br