Sao Martinho S.a. · BMFBOVESPA:SMTO3
Sao Martinho — 1Q26 Earnings Presentation
11 slides from Sao Martinho's earnings presentation, Aug 12, 2025
Slide 1: Resultados 1º Trimestre 2025/26
SãoSão Martinho Martinho 1 São Quarter st Martinho Resultados 1º Trimestre 2025/26 SafraHarvest Resultados 1º Trimestre 2025/26 Safra 2025/26 August 12,agosto 2025 de 2025 1212de deagosto 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 PRODUCT MARGINS 4 CORN PROCESSING 5 SECOND PHASE – Corn Ethanol Unit AGENDA 6 SUGAR MARKET | HEDGE 3
Slide 4: Production
PRODUCTION • Dryer climate conditions in jan- 3M26 3M25 Var%. mar/25 impacted sugarcane Operational Data fields (TCH and TRS) TRS Produced ('000 tons) 1,097.4 1,231.5 -10.9% Sugarcane 998.4 1,142.8 -12.6% Corn 99.0 88.7 11.6% • Corn Operation in line with Agricultural - Sugarcane Guidance Crushed Su
Slide 5: Financial Highlights
FINANCIAL HIGHLIGHTS 1Q26 4Q25 1Q25 ∆ 1Q26/4Q25 ∆ 1Q26/1Q25 Net Rev enue¹ 1,857,459 1,738,986 1,654,794 6.8% 12.2% Adjusted EBI TDA 805,025 771,412 672,339 4.4% 19.7% Adjusted EBITDA Margin 43.3% 44.4% 40.6% -1.0 p.p. 2.7 p.p. Adjusted EBI T 331,103 252,337 307,702 31.2% 7.6% VALUES IN ‘000 BRL Adju
Slide 6: Product Margins: Sugar Cane
PRODUCT MARGINS: SUGAR CANE Sugar Ethanol BRL/ton BRL/m3 Consecana and price dynamics -8.2% +11.7% • Lower sugar prices reduce cash 2,830.9 costs and product margins Price 5,000.0 2,614.0 6,000.0 3,000.0 2,534.4 2,396.0 • Higher ethanol prices increase 2,500.0 4,500.0 2,500.0 5,000.0 2,000.0 biofuel
Slide 7: Corn Processing
CORN PROCESSING Crushing: 1Q26 1Q25 ∆ 1Q26/1Q25 • 137.3 thousand tons - in line with Net Revenue 265,795 136,996 94.0% Guidance Ethanol 211,597 101,243 109.0% Actual 1Q26 DDGS 44,627 31,238 42.9% Corn Oil 9,571 4,515 112.0% Corn Cost: Cost of Goods Sold (COGS) (170,294) (130,938) 30.1% • 1Q26: ~BRL
Slide 8: Second Phase of Corn Ethanol
SECOND PHASE OF CORN ETHANOL Details: Capex: 1.1 bi (~BRL 4,1/liter) Project Guidance Total Capacity • Industrial facilities Premises 12M26 Operational Data • Improvements to the existing plant Corn ('000 tons) 635 515 1,150 • External warehouse(Midwest) Ethanol ('000 m³) 270 217 487 DDGS ('000 tons
Slide 9: Acquisition of Biological Assets | Santa Elisa
ACQUISITION OF BIOLOGICAL ASSETS| SANTA ELISA Transaction Context Value Ratiobnale • 10.600 hectares – approx. 800,000 tons de sugarcane (80% own cane) • Average radius: 25 Km from USM Revenue ~280 (BRL/ton)2 • Edaphoclimatic profile (soil and climate) predominantly A and B + = Cash EBIT (BRL/ton) ~
Slide 10: Sugar Market | Hedge
SUGAR MARKET | HEDGE Sugar – 1Q26 MM TON; (Datagro 05/08/2025) SUPPLY vs. DEMAND2 Actual - BRL/TON 3.9 2024/25 2025/26E 1.7 0.8 BRAZIL (CS) 40.2 | -5.8% 41,3 | +2.8% Price 2.396 -0.4 INDIA 26.0 | -19% 31,6 | +22% -2.5 -2.6 Own Cane 2.403 -4.8 -5.6 THAILAND 10.1 | +14.6% 11,2 | +20% 18/19 19/20 20/21
Slide 11: Investor Relations
INVESTOR RELATIONS +55 11 2105-4100 ri@saomartinho.com.br www.saomartinho.com.br/ri www.saomartinho.com.br