Sao Martinho S.a. · BMFBOVESPA:SMTO3
Sao Martinho — 3Q26 Earnings Presentation
12 slides from Sao Martinho's earnings presentation, Feb 10, 2026
Slide 1: 3rd Quarter Results 2025/26
São São Martinho Martinho São 3rd QuarterMartinho Results Resultados 1º Trimestre 2025/26 SafraCrop Resultados Season 1º 2025/26Trimestre Safra 2025/26 February 10, 2026de 2025 1212de deagosto agosto de 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 4 TRADING 5 ETHANOL MARKET 6 CORN OPERATIONS 7 PRICE EVOLUTION AGENDA 8 DEBT 3
Slide 4: Production
PRODUCTION Adverse Weather Conditions: 9M26 9M25 Var%. • Lower rainfall during the sugarcane Operational Data growth period, negatively TRS Produced ('000 tons) 3,326.0 3,398.1 -2.1% impacting productivity Sugarcane 3,020.8 3,105.7 -2.7% Corn 305.1 292.3 4.4% • Productivity: -3.8% Agricultural - Sug
Slide 5: Financial Highlights
FINANCIAL HIGHLIGHTS 3Q26 2Q26 3Q25 ∆ 3Q26/2Q26 ∆ 3Q26/3Q25 Net Rev enue¹ 1,593,175 1,739,702 1,845,015 -8.4% -13.6% Adjusted EBITDA 787,065 816,892 1,058,358 -3.7% -25.6% Adjusted EBI TDA Margin 49.4% 47.0% 57.4% 5.2% -13.9% Adjusted EBIT 374,540 366,812 514,143 2.1% -27.2% Adjusted EBI T Margin 23
Slide 6: Product Margins: Sugar and Ethanol
PRODUCT MARGINS: SUGAR CANE Sugar Ethanol Cost Stability (9M26) BRL/ton BRL/m3 • Sugar and ethanol prices -5.6% +5.0% 2,845.6 reflecting Consecana price 2,710.2 variations Price 5,000.0 6,000.0 2,471.0 3,000.0 2,331.7 2,500.0 • Improved industrial efficiency 4,500.0 2,500.0 5,000.0 2,000.0 4,000.0 2
Slide 7: Sales
SALES Sugar: • 75% invoiced Sugar 75.7% • 100% priced Total Ethanol: Ethanol Total • 62% invoiced 62.2% • 38% to be priced Produced TRS: Total TRS 68.1% 68% marked and invoiced Ethanol inventories, production and Ethanol volume Ethanol Inventory Ethanol production volume available for avaliable for
Slide 8: Ethanol Market
ETHANOL MARKET +8.9% -2.5 % 2.9 2.8 2.9 3.0 2.9 4.5 2.8 (Center-South) 2.7 2.7 2.7 Ethanol Sales² (Center-South) 4.2 4.1 2.7 2.6 Otto Cycle¹ 3.9 3.8 3.8 3.8 3.8 3.8 3.9 3.8 3.5 3.6 30% 1.1 1.2 1.2 1.1 27% 31% 1.0 1.0 0.9 1.0 1.1 1.1 28% 29% 28% 28% 29% 30% 30% 30% 1.1 29% 28% 1.4 1.3 70% 0.5 0.6 73%
Slide 9: Corn Processing
CORN PROCESSING Crushing: • 415.5 ktons 9M26 9M25 ∆ 9M26/9M25 • In line with Guidance Net Revenue 589,227 476,328 23.7% Ethanol 420,483 341,553 23.1% DDGS 132,246 109,539 20.7% Actual 9M26 Corn Cost: Corn Oil 31,943 25,236 26.6% CBI OS 4,555 - n.m. • 9M26: ~BRL 53/bag Cost of Goods Sold (COGS) (375,
Slide 10: Sugar Market | Hedge
SUGAR MARKET | HEDGE SUPPLY vs. DEMAND2 3.9 2024/25 2025/26E Sugar – 9M26 1.7 MM TON 1.2 Actual - BRL/TON BRAZIL (CS) 40.2 | -5.8% 41.0 | +1.5% -0.4 INDIA 26.1 | -18% 32.1 | +23% Price 2,332 -2.5 -2.2 THAILAND 10.1 | +15% 11.2 | +11% -4.8 -5.6 18/19 19/20 20/21 21/22 22/23 23/24 24/25 25/26E Own Can
Slide 11: Debt
DEBT Dec-25 mar/25 Var%. Agribusiness Certificate of Receiv ables (CRA) 2,459,415 1,953,079 25.9% BNDES / FI NAME 2,220,105 2,028,052 9.5% Working Capital/ NCE (Export Credit Note) 95,106 378,501 -74.9% Debentures 3,009,848 2,447,440 23.0% VALUES IN PPE (Export prepayment) - 58,755 -100.0% BRL ‘000
Slide 12: Investor Relations
INVESTOR RELATIONS +55 11 2105-4100 ri@saomartinho.com.br www.saomartinho.com.br/ri www.saomartinho.com.br