Slide 1: 2Q26 Results - Harvest 2025/26
SãoSão Martinho Martinho 2 São ndQuarterMartinho Resultados 1º Trimestre 2025/26 SafraHarvest Resultados 1º Trimestre 2025/26 Safra 2025/26 November 11, 2025 1212de deagosto agosto de2025 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 GUIDANCES 2 FINANCIAL HIGHLIGHTS 3 MARGINS: SUGAR CANE 4 SALES vs. GUIDANCE 5 CORN OPERATIONS 6 SUGAR MARKET | HEDGE AGENDA 7 DEBT 3
Slide 4: Production Guidance
PRODUCTION GUIDANCE Adverse weather conditions: • Lower rainfall occurence • Lower productivity (-2.7%) Updated Guidance • Lower average TRS (-1.6%) 12M26 12M26* Var. (%) Operational Data Processed Cane ('000 metric tons) 22,000.0 22,600.0 -2.7% Sugar-Ethanol mix: 49% - 51% Av erage TRS (kg/metric t
Slide 5: Capex Guidance: Updates
CAPEX GUIDANCE : Updates Total Capex 12M26: BRL 2.8 billion Maintenance • Optimization of planting and crop -5.3% treatment costs • Changes to the agro-industrial maintenance schedule (totalizing BRL 30 MM) Operational Improvement • Adjustments to the replacement schedule for the agricultural and in
Slide 6: Financial Highlights
FINANCIAL HIGHLIGHTS ∆ ∆ 2Q26 1Q26 2Q25 2Q26/1Q26 2Q26/2Q25 Net Rev enue¹ 1,739,702 1,857,459 1,960,474 -6.3% -11.3% Adjusted EBI TDA 816,892 805,025 943,108 1.5% -13.4% Adjusted EBITDA Margin 47.0% 43.3% 48.1% 3.6 p.p. -1.2 p.p. VALUES IN Adjusted EBI T 366,812 331,103 497,242 10.8% -26.2% BRL ‘000
Slide 7: Product Margins: Sugar Cane
PRODUCT MARGINS: SUGAR CANE Sugar Ethanol BRL/ton BRL/m3 Margin Stability (versus 6M25) -4.6% +4.1% • Cost variations reflect price Price 2,491.1 2,377.6 2,780.3 movements of the respective 2,671.0 5000,00 2500,00 products 6000,00 4500,00 2500,00 2000,00 +3.3% 4000,00 • Lower cost dilution due to 50
Slide 8: Sales vs. Guidance
SALES vs. GUIDANCE Sugar: Sugar • 51% invoiced 51.2% • 41% priced Sugarcane Ethanol: Ethanol Cane • 44% invoiced 44.0% • 56% to be priced Ethanol Corn Ethanol: Corn • 43% invoiced 43.2% • 57% to be priced Produced TRS: Total 52.9% TRS 53% marketed and invoiced 8
Slide 9: Corn Processing
CORN PROCESSING Crushing: • 278.5 ktons 6M26 6M25 ∆ 6M26/6M25 Net Revenue 424,880 278,195 52.7% • In line with Guidance Ethanol 308,841 193,097 59.9% DDGS 91,610 71,699 27.8% Actual 6M26 Corn Oil 20,893 13,399 55.9% Corn Cost: CBI OS 3,536 - n.m. • 6M26: ~BRL 53/bag Cost of Goods Sold (COGS) (278,70
Slide 10: Sugar Market | Hedge
SUGAR MARKET | HEDGE MM TON: (Datagro 28/10/2025) SUPPLY vs. DEMAND2 3.9 Sugar – 6M26 2.8 2024/25 2025/26E Actual - BRL/TON 1.7 BRAZIL (CS) 40.2 | -5.8% 41.1 | +2.2% -0.4 INDIA 26.1 | -18% 32.8 | +26% Price 2,378 -2.5 -2.2 THAILAN -4.8 D 10.1 | +15% 11.1 | +11% -5.2 Own Cane 2,407 18/19 19/20 20/21
Slide 11: Debt
DEBT set/25 mar/25 Var%. Agribusiness Certificate of Receiv ables (CRA) 2,509,976 1,953,079 28.5% BNDES / FI NAME 2,110,904 2,028,052 4.1% Working Capital/ NCE (Export Credit Note) 98,610 378,501 -73.9% Debentures 2,505,170 2,447,440 2.4% PPE (Export prepayment) 0 58,755 -100.0% VALUES IN I nternati
Slide 12: Investor Relations
INVESTOR RELATIONS +55 11 2105-4100 ri@saomartinho.com.br www.saomartinho.com.br/ri www.saomartinho.com.br