Sao Martinho S.a. · BMFBOVESPA:SMTO3
Sao Martinho — Q4 2026 Earnings Presentation
12 slides from Sao Martinho's earnings presentation, May 2026
Slide 1: Earnings Release 4th Quarter 2025/26 Crop Year
São Martinho Earnings Release 4th Quarter 2025/26 Crop Year May 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 MARGINS 3 CORN PROCESSING 4 SUGAR MARKET | HEDGE 5 ETHANOL MARKET 6 GUIDANCE | PRODUCTION 7 GUIDANCE | CAPEX AGENDA 8 DEBT 3
Slide 4: Financial Highlights
FINANCIAL HIGHLIGHTS ∆ ∆ 4Q26 3Q26 4Q25 4Q26/3Q26 4Q26/4Q25 Net Revenue¹ 2,244,676 1,593,175 1,738,986 40.9% 29.1% Adjusted EBITDA 1,094,433 787,065 771,412 39.1% 41.9% Adjusted EBITDA Margin 48.8% 49.4% 44.4% -0.6 p.p. 4.4 p.p. Adjusted EBIT 500,959 374,540 252,337 33.8% 98.5% VALUES IN BRL ‘000 ¹
Slide 5: Product Margins: Sugarcane
PRODUCT MARGINS: SUGAR CANE Sugar Ethanol Cost Dilution (12M26) BRL/ton BRL/m3 6.000,0 +4.2% • Higher sales volumes across -7.1% products 3.500,0 • Improved industrial efficiency Price 5.000,0 3.000,0 2.465,5 2,916.4 2,799.8 6.000,0 2.290,0 2.500,0 3.000,0 4.000,0 2.000,0 5.000,0 • Higher share of s
Slide 6: Corn Processing
CORN PROCESSING Crushing: • 521.0 ktons ∆ ∆ • In line with Guidance 4Q26 3Q26 4Q25 4Q26/3Q26 4Q26/4Q25 12M26 12M25 ∆ 12M26/12M25 Net Revenue 432,020 164,347 288,448 162.9% 49.8% 1,021,247 764,776 33.5% Ethanol 383,082 111,642 239,115 n.m 60.2% 803,565 580,668 38.4% Actual 12M26 DDGS 36,262 40,636 38
Slide 7: Sugar Market | Hedge
SUGAR MARKET | HEDGE SUPPLY vs. DEMAND2 3,9 2025/26 2026/27E Sugar – 12M26 1,7 MM TON Actual - BRL/TON 0,6 BRAZIL (CS) 40.4 | -0.1% 41.0 | +1.4% -0,4 INDIA 28.3 | +8.4% 27.0 | -4.6% Price 2,290 -2,5 -2,1 -3,2 THAILAND 12.0 | +19% 10.3 | -14% -4,8 -6,3 18/19 19/20 20/21 21/22 22/23 23/24 24/25 25/26
Slide 8: Ethanol Market
ETHANOL MARKET Δ -17.1% Ethanol – Production Datagro May 19,2026 Hydrous Ethanol– CEPEA/ESALQ SP (BRL/m³) 2025/26 2026/27E BRAZIL (CS) 33.7 | -3.5% 38.6 | +14.5% 2.175 2.186 Cane 24.5 | -8.1% 26.8 | +9.3% 2.171 2.156 2.513 2.097 2.787 Corn 9.2 | +12.2% 11.8 | +28.3% 2.809 2.707 2.961 2.528 2.846 2.7
Slide 9: Production Guidance
PRODUCTION GUIDANCE Sugarcane: Increase in TRS production driven by: Guidance Actual • Favorable Weather conditions Agricultural - Sugarcane 12M27 12M26 Var. (%) • Expansion of the harvesting área Operational Data Cane Processed (´000 metric tons) 23,650.0 21,908.5 7.9% (Santa Elisa) Av erage TRS (k
Slide 10: Capex Guidance
CAPEX GUIDANCE Total Capex: BRL 2.9 billion (+5.1%) Planting: • Normalization of operations Guidance Actual Var. (%) In millions of BRL • Larger planting and crop 12M27 12M26 Maintenance #.##0,0_); (#.##0,0);0_._0_) 2,000.0 1,974.7 1.3% treatment area Operational Improvement 149.9 168.8 -11.2% (+ 3.
Slide 11: Debt
DEBT mar/26 mar/25 Var%. Agribusiness Certificate of Receiv ables (CRA) 2,544,585 1,953,079 30.3% BNDES / FI NAME 2,179,628 2,028,052 7.5% Working Capital/ NCE (Export Credit Note) 98,384 378,501 -74.0% Debentures 3,066,058 2,447,440 25.3% 0 -100.0% VALUES IN PPE (Export prepayment) 58,755 BRL ´000
Slide 12: Investor Relations
RELAÇÕES COM INVESTIDORES +55 11 2105-4100 ri@saomartinho.com.br www.saomartinho.com.br/ri www.saomartinho.com.br