Sao Martinho S.a. · BMFBOVESPA:SMTO3
Sao Martinho — 2Q25 Earnings Presentation
12 slides from Sao Martinho's earnings presentation, November 2024
Slide 1: São Martinho 2nd Quarter Results 2024/25 Crop Season
São Martinho 2nd Quarter Results 2024/25 Crop Season November 2024
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 TRADING 5 CORN OPERATIONS 6 PRICE EVOLUTION 7 AGENDA ETHANOL MARKET 3
Slide 4: Production Guidance
PRODUCTION GUIDANCE Production: • Stability on TRS Produced: . less cane (-1,0%) . more TRS (+1,3%) • Variation on product mix . less sugar (-15,2%) . more ethanol (+14,6%) • Greater efficiency in corn operations and ethanol production Sugar-Ethanol mix: 39% - 61% 4
Slide 5: Capex Guidance
CAPEX GUIDANCE Total Capex 24/25: R$ 2.8 billion Updates: +12,2% • Irrigation . Expansion at USM and USC • Biomethane . Schedule advancement • Fires . Reinforcement in cultural treatments • Others . Minor projects - IRR > 15-20% (1) Crop 24/25 considering only Cane Operations. 5
Slide 6: Financial Highlights
FINANCIAL HIGHLIGHTS ∆ 2Q25 2Q24 2Q25/2Q24 Net Rev enue¹ 1,960,474 1,536,691 27.6% Adjusted EBI TDA 943,108 654,958 44.0% Adjusted EBITDA Margin 48.1% 42.6% 5.5 p.p Adjusted EBI T 497,242 297,894 66.9% Adjusted EBIT Margin 25.4% 19.4% 6.0 p.p Financial Results (171,774) (282,279) -39.1% Biological A
Slide 7: Margins: Sugar Cane
MARGINS: SUGAR CANE Sugar Ethanol R$/ton R$/m3 2,399.59 2,491.09 Preço 6,000.0 5000.00 2,640.2 2,605.7 2500.00 4500.00 3,000.0 5,000.0 2000.00 4000.00 3500.00 -7,7% 4,000.0 1500.00 +0,1% 2,000.0 3000.00 1000.00 1,000.0 2,363.8 2,367.4 3,000.0 1,958 Custo Caixa 2500.00 2000.00 1,807 500.00 - 2,000.0
Slide 8: Trading
TRADING Sugar: Sugar • 58% invoiced 57.9% • 100% priced Sugar Cane Ethanol Sugar Cane Ethanol: 39.9% • 40% invoiced • 60% to be priced Ethanol Corn Corn Ethanol: 32.0% • 32% invoiced • 68% to be priced Total TRS Produced TRS: 46.1% 46% marketed and invoiced 8
Slide 9: Corn Operations
CORN OPERATIONS Crushing 6M25: • 264,3 ktons Performance 6M25 • Above Guidance Corn costs: • 6M25: ~R$ 56/bag • Impacted by more expensive inventory processing in 1Q25 (~R$ 62/bag) • Future deliveries: ~R$ 52/bag Corn Purchase Status Prices: Corn Purchases Gross Price Net Price (in sep/30/24) (R$/Sc
Slide 10: Price Evolution
PRICE EVOLUTION Sugar – 6M25 Actual - R$/TON 3.9 SUPPLY AND DEMAND2 2023/24 2024/25E Price 2.491 1.7 MM TON; DATAGRO 10/24 BRASIL (CS) 42,4 | +26% 40,1 | -7% Own -0.3 -0.6 32,1 | -2% 31,5 | -2% Cane 2.543 -2.5 INDIA -3.0 -4.8 TAILANDIA 8,8 | -20% 10,5 | +20% Consecana 2.298 18/19 19/20 20/21 21/22 2
Slide 11: Ethanol Market
MERCADO DE ETANOL 77% 78% 77% 78% Paridade Etanol x 73% 71% 69% 71% Gasolina 66% (%) 69% 70% 68% 67% 65% 65% 66% 63% 62% 61% 70% 59% 53 54 53 54 54 54 57 Part. Etanol no Ciclo Otto 50 52 49 51 29% 44 26% 27% 26% 23% 23% 19% 18% 20% 20% 17% 17% (%) * * Consumo Ciclo Otto (milhões m³ gasolina equivale
Slide 12: Relações com Investidores
RELAÇÕES COM INVESTIDORES +55 11 2105-4100 ri@saomartinho.com.br www.saomartinho.com.br/ri www.saomartinho.com.br