Kepler Weber SaBMFBOVESPA: KEPL3

Press Release - 2Q25

· MarketScreener
2Q25 EARNINGS RELEASE "June's results reflect progress in the execution of the Company's strategy and support gradual improvement for the 2nd half of 2025." HIGHLIGHTS
  • Growth in Net Revenue in the Agribusiness (+9.2%) and Replacement & Services (+8.4%) segments when compared to 2Q24, reflecting the consolidation of the strategy aimed at generating recurring revenue.

  • In International Business, Argentina accounted for 30% of contracted sales in the 1st half of 2025, related to orders with deliveries scheduled for the next operating cycles. The country has already consolidated itself as the second largest export destination in Replacement & Services, with emphasis on parts and elevators.

  • The first half of 2025 had the highest volume of shipments in the last 10 years, with a growth of 4% compared to 2024, showing operational resilience even in a challenging scenario.

  • General and Administrative Expenses totaled R$ 24.1 million in 2Q25, down 3.0% vs. 2Q24. In the semester, they fell 4.8% even with inflationary pressure, evidencing the discipline in expense management and the focus on efficiency.

  • June concentrated 56% of the quarter's EBITDA, signaling a resumption of the pace of sales and deliveries throughout the period.



São Paulo, August 7, 2025 - Kepler Weber S/A (B3: KEPL3), the parent company of the Kepler Weber Group, a leader in grain storage equipment and post-harvest solutions in Latin America, announces its consolidated results for the 2nd quarter, ended June 30, 2025 ("2Q25"). The individual and consolidated interim financial statements were prepared in accordance with accounting practices adopted in Brazil (BR GAAP) and the International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB"). We inform that Ernst & Young Auditores Independentes is responsible for the audit of our financial statements. Additionally, due to rounding, the sums may present small variations.

MESSAGE FROM MANAGEMENT

The end of the second quarter of 2025 was marked by consistent signs of stabilization in Kepler Weber's performance. After a more pressured start of the year, as reported in the first quarter Message from Management, we ended the period with more balanced indicators that adhere to the value generation profile that we have sustained over the last cycles. The month of June/25 accounted for 56% of the quarter's EBITDA, reflecting the beginning of the historical cycle of operating leverage. This dynamic confirms the resilience of our business model and reaffirms the pillars that support our investment thesis: strengthened recurring base, strategic geographic presence, and high value-added solutions.

In the analysis of the segments compared to 2Q24, Agribusiness and Replacement & Services showed net revenue growth, reflecting the strength of the portfolio and the consistency of the segment diversification strategy. International Business maintained its stable performance in the quarter and accumulated an increase of 2.9% over the half-year period, even in the face of a challenging exchange rate scenario. Ports & Terminals and Farms reported a retraction, influenced by seasonal effects, a high comparative base, and a more challenging business environment, with no structural change in the competitive positioning of these segments.

Net Revenue from the Agribusiness segment grew 9.2%, supported by territorial diversification, expansion of the customer portfolio, and greater demand for solutions aimed at industrial transformation in the field. Net Revenue from Replacement & Services grew 8.4%, mainly driven by modernizations. In addition, the offer of high value-added products in this segment has proven to be correct, with emphasis on the Seletron machines, which have been showing good receptivity in the market. International Business continued a positive trajectory in terms of revenue qualification, driven by the 5.6% increase in the invoiced customer base and the addition of new strategic contracts signed in four countries, in addition to the already consolidated partnerships.

In the Ports and Terminals segment, the 60.8% decrease in Net Revenue reflects an atypically high basis of comparison in 2Q24, when two large projects substantially increased revenues. Even so, there was a 0.8 percentage point increase in gross margin and a 20% growth in the invoiced customer base, reflecting a successful prospecting effort. In Farms, Net Revenue fell 7.5%, impacted by high interest rates and depressed prices of the main commodities. Despite this fact, we recorded a 32.9% increase in the invoiced customer base, in addition to the contracting of new projects that should boost the results of the second half-year period.

We have also made progress in strengthening our international presence, with emphasis on Argentina. After a period of low commercial activity in 2022 and 2023, the country has once again gained relevance in our operation. In 2024, it represented 0.9% of the Net Revenue of the International Business segment and, in the first half of 2025, this share doubled, reaching 1.8%. In the Replacement & Services segment, which serves the domestic and foreign markets, Argentina already occupies the second position among export destinations, with emphasis on sales of parts and elevators. The recent visit of the Company's leadership to the country strengthened the relationship with local customers and increased the visibility of our value proposition, consolidating Argentina as a strategic lever for international expansion in the coming quarters.

Innovation remains a central pillar of our strategy. Between 2021 and 2024, the share of products developed by the R&D area in revenues jumped from 18.6% to 46.1%. As a result of the direct investments made in this period, the incremental gain in Net Revenue from new products evolved from 2% in 2021 to 11% in 2024, reflecting the continuity of the trajectory of consolidation of innovation in the Company's portfolio. This trend continues throughout 2025, reinforcing the consistency of the innovation agenda and its relevant role in generating value.

Our focus on people and the development of high-performance teams was once again recognized by the GPTW seal. This result reflects the strong engagement of our teams, driven by close, coherent leadership and a culture driven by achievement and excellence in delivery.

The evolution recorded in June signals a trend of greater operational stability and a more favorable environment for revenue generation in the second half of the year, with emphasis on cost dilution and the maturity of strategic initiatives. With a robust contracted backlog and solid operating fundamentals, Kepler Weber is well-positioned to sustain a healthy pace of deliveries. This scenario reinforces the perspective that the coming quarters may reflect the same dynamics observed in June, strengthening confidence in the strategy adopted and in the execution discipline that guides the continuous generation of value for shareholders.

Table 1 | Key Result Indicators (R$ million)

2Q25

2Q24

Δ%

1Q25

Δ%

6M25

6M24

Δ%

Return on Invested Capital (*) 24.5% 43.5% -19.0 p.p. 28.8% -4,3 p.p. 24.5% 43.5% -19.0 p.p.

Net Operating Revenue

311.1

327.8

-5.1%

357.2

-12.9%

668.3

708.1

-5.6%

Net Income

14.4

37.0

-61.1%

25.5

-43.7%

39.9

89.2

-55.2%

Net Margin

4.6%

11.3%

-6,7 p.p.

7.1%

-2,5 p.p.

6.0%

12.6%

-6,6 p.p.

EBITDA

37.9

63.3

-40.0%

52.9

-28.3%

90.8

153.7

-40.9%

EBITDA Margin

12.2%

19.3%

-7,1 p.p.

14.8%

-2,6 p.p.

13.6%

21.7%

-8,1 p.p.

Earnings per Share (EPS)

0.0831

0.2093

-60.3%

0.1475

-43.7%

0.2305

0.5043

-54.3%

(*) LTM ROIC for the last 12 months

ABOUT KEPLER WEBER

Founded in 1925, Kepler Weber is a Brazilian company, leader in complete solutions for processing, conservation, storage, and handling of seeds, grains, biofuels, feed, and food in Latin America.

With administrative headquarters in São Paulo (SP), factories in Panambi (RS), Campo Grande (MS), and Criciúma (SC), the company has a highly qualified team to plan projects, manufacture equipment, implement complete infrastructure, train operators, and monitor the operation of customers in units in 53 countries and on 5 continents using technology.

The brand is present throughout the agribusiness chain, with projects implemented on farms that produce commodities, industries that transform commodities into high value-added products, as well as road-rail, maritime and river terminals that move international productive logistics.

Strategically positioned in all agricultural regions of the market, with 9 distribution centers and more than 150 commercial agents in Brazil, in addition to 18 representatives abroad, the company stands out for its exclusive differentials. These include the ability to manage more than 300 simultaneous projects and provide specialized training to 2,000 clients annually. These trainings are aimed at updating, expanding, and modernizing the installed units, with the objective of reducing labor, increasing efficiency, and ensuring compliance with the applicable law. In addition, the company provides continuous consulting services, providing solutions that meet the specific needs of each customer.

With innovative DNA, the company has an engineering team composed of approximately 150 professionals capable of developing, testing, validating, and launching products continuously, with 46% of revenues coming from new products or versions in the last year. These products are manufactured with the highest technology within the largest built area in the sector, with three factories that together have 89,500 m², operating 100% in a lean manufacturing system, with ISO 9001 and OHSAS 14000 certifications.

CONTRACTED FINANCIAL VOLUME (COMMERCIAL PIPELINE)

As of June 30, 2025, the Company's contracted portfolio (financial backlog) grew by 13.8% compared to the same period in 2024, reflecting the strengthening of commercial initiatives, the expansion of the customer base, and the consolidation of the Company's technical positioning in the main markets in which it operates.

We highlight that the financial backlog corresponds to the contractual amount already signed up to the cut-off date, expressing commercial commitments to future execution. This amount is subject to variations due to execution schedules, weather conditions, delivery logistics, and other operational factors. As such, it should not be construed as a revenue projection or a guarantee of future performance.

NET OPERATING REVENUE

Table 2 | Net Operating Revenue (R$ million)

Net Revenue

2Q25

2Q24

Δ

1Q25

Δ

6M25

6M24

Δ

Farms

95.8

103.6

-7.5%

131.7

-27.2%

227.5

235.5

-3.4%

Agribusiness

107.2

98.2

9.2%

100.8

6.4%

208.0

204.2

1.9%

International Business

30.9

31.0

-0.4%

41.0

-24.7%

71.8

69.8

2.9%

Ports and Terminals

14.7

37.5

-60.8%

10.6

38.7%

25.3

84.0

-69.9%

Replacement & Services

62.5

57.6

8.4%

73.2

-14.7%

135.7

114.6

18.4%

Total

311.1

327.8

-5.1%

357.2

-12.9%

668.3

708.1

-5.6%

Consolidated Net Revenue was R$ 311.1 million in 2Q25, down 5.1% from 2Q24 and 12.9% from 1Q25. In the 1st half of 2025, it totaled R$ 668.3 million, a decrease of 5.6% compared to the same period in 2024. Despite the retraction in revenue, the volume shipped grew by approximately 4% both quarter-on-quarter and in the first half of the year, reinforcing the Company's operational consistency.

The retraction compared to 1Q25 reflects the typical seasonality of the sector. The comparison with 2Q24 reveals different behaviors between the segments, with growth in Agribusiness and Replacement & Services,

stability in International Business, and retraction in Farms and Ports & Terminals, impacted by specific factors related to the pace of execution of contracted projects (assembly), postponement of investments by some customers and specific operational adjustments, in a more challenging business environment.

This performance reinforces the resilience of the Company's portfolio and the effectiveness of the diversification strategy, which allows it to go through different economic cycles with consistency and focus on generating sustainable value.

The Procer unit, integrated into the Replacement & Services segment, contributed R$ 10.7 million in Net Revenue in 2Q25, with approximately half of this amount concentrated in June. In the first half of the year, revenue totaled R$ 24.1 million, compared to R$ 26.6 million in 1H24. The retraction in the half-year comparison reflects an environment still influenced by macroeconomic challenges. However, June's performance represents a return to healthy levels, signaling a possible positive trend for the coming quarters, provided that market conditions remain stable. The results reaffirm the unit's operational strength and its strategic role in expanding the Company's presence and building customer loyalty.

Of the total Net Revenue, 90% in 2Q25 and 89% in the 1st half of 2025 came from the domestic market, while 10% and 11%, respectively, corresponded to the foreign market. There was a slight evolution in exports, reflecting the Company's continuous efforts in geographic diversification and international expansion.



Figure 1 | Net Operating Revenue by Market (R$ million)

Below we present a detailed performance of each of the Company's five segments.

Farms


Farms

2Q25

2Q24

Δ

1Q25

Δ

6M25

6M24

Δ

Net Operating Revenue 95.8 103.6 -7.5% 131.7 -27.2% 227.5 235.5 -3.4%

Participation in Net Operating Revenue 30.8% 31.6% -0,8 p.p. 36.9% -6,1 p.p. 34.0% 33.3% 0,7 p.p.

Gross Margin 19.8% 27.2% -7,4 p.p. 21.5% -1,7 p.p. 20.8% 31.9% -11,1 p.p.

The Farms segment is responsible for offering complete storage solutions at the origin of production, contributing to the autonomy of producers and the increase in post-harvest efficiency. Deliverables involve design, manufacturing, installation, and operational training of integrated systems such as silos, dryers, cleaning machines, conveyors, and sensing technologies. By allowing storage directly on the property, producers gain more flexibility in the marketing of the crop, being able to choose the most strategic time for the sale, in addition to reducing costs with freight and outsourced operations in periods of greater demand.

In 2Q25, the segment's Net Revenue totaled R$ 95.8 million, a decrease of 7.5% compared to 2Q24 and 27.2% compared to 1Q25. The variation compared to 1Q25 reflects the typical seasonality of the sector, with producers concentrated in the harvesting and planting stages, which naturally reduces the pace of contracting new projects. Compared to 2Q24, the performance was slightly lower, in a context still marked by high interest rates and depressed prices of agricultural commodities. In the 1st half of 2025, the Revenue showed a drop of 3.4% compared to the same period in 2024.

Despite the context, the segment showed significant expansion in the customer base, with a 32.9% increase in the number of customers billed compared to 2Q24. This advance is in line with the Company's strategy to expand its presence in the field and strengthen commercial capillarity.

Gross margin fell to 19.8% in 2Q25, compared to 27.2% in 2Q24, reflecting one-off effects and changes in the mix of products sold and a more competitive environment, which required flexibility in commercial conditions.

The 2025/2026 Harvest Plan allocated R$ 8.2 billion to the Warehouse Construction and Expansion Program (PCA), 5% above the previous cycle, with R$ 4.5 billion for projects above 12,000 tons and R$ 3.7 billion for projects up to that limit. The ceiling per project doubled from 6,000 to 12,000 tons, expanding access for medium-sized producers to more competitive conditions, with terms of up to 10 years, a 2-year grace period, and interest rates between 8.5% and 10% per year. The funds will be released every six months, with 40% by December 2025 and 60% from January 2026 onwards. With a strong concentration of financing in banks with high capillarity, the program strengthens the demand environment and sustains the resumption of the investment cycle in storage, expanding the Company's commercial opportunities

As a reflection of this more favorable scenario, ten new projects were contracted during 2Q25, totaling approximately R$ 73 million, with delivery and revenue recognition expected to take place in 2025. These contracts, signed with producers in the states of Mato Grosso, Maranhão, and Rio Grande do Sul, reinforce the attractiveness of the Company's value proposition and support positive prospects for the coming periods.

Agribusiness


Agribusiness

2Q25

2Q24

Δ

1Q25

Δ

6M25

6M24

Δ

Net Operating Revenue 107.2 98.2 9.2% 100.8 6.4% 208.0 204.2 1.9%

Participation in Net Operating Revenue 34.5% 30.0% 4,5 p.p. 28.2% 6,3 p.p. 31.1% 28.8% 2,3 p.p.

Gross Margin 19.6% 26.9% -7,3 p.p. 16.9% 2,7 p.p. 18.3% 29.6% -11,3 p.p.

The Agribusiness segment develops, produces, and implements systems aimed at transforming agricultural commodities into products with higher added value, such as oils, food, feed, and seeds. Present in markets such as animal feed, wheat mills, rice processing, cooperatives, and seed units, the segment plays an essential role in the industrialization of the field, strengthening production chains, optimizing logistics, and generating value in agricultural regions.

In 2Q25, the segment's Net Revenue reached R$ 107.2 million, a 9.2% increase compared to 2Q24. In the 1st half of 2025, the result totaled R$ 208.0 million, a 1.9% increase compared to the same period in 2024. Compared to 1Q25, there was a 6.4% increase. This performance reinforces the consistency of the Company's commercial strategy and competitive positioning, even in a challenging environment, with high interest rates and adverse weather impacts in regions with a high concentration of cooperatives.

Growth in 2Q25 was driven by a 77.1% expansion in the invoiced customer base compared to 2Q24, as a result of the strategy to expand operations in strategic industrial hubs and diversify the customer profile. This movement is especially relevant in the face of a scenario of greater selectivity in investment decisions.

Gross margin decreased by 7.3 percentage points quarter-on-quarter (2Q25 x 2Q24), pressured by the more restrictive environment faced by customers, with high financial costs and profitability challenges. The Company maintains a strategic partnership posture, with adjustments in commercial conditions to preserve long-term relationships and support the sustainability of the sector. A gradual recovery is expected throughout the second half, supported by dilution of fixed costs, gains in scale, operational efficiency, and improvement in the revenue mix.

The demand for expansion of storage capacity remained solid, reinforcing the strategic importance of the segment within the Company's business matrix. In the quarter, relevant projects were contracted in the states of Paraná, Goiás, and Mato Grosso, totaling approximately R$ 58.2 million. With execution scheduled to start in 2025, these deliveries should boost future operational cycles and strengthen a robust pipeline, with the potential to leverage the segment's results.

International Business


International Business

2Q25

2Q24

Δ

1Q25

Δ

6M25

6M24

Δ

Net Operating Revenue

30.9

31.0

-0.4%

41.0

-24.7%

71.8

69.8

2.9%

Participation in Net Operating Revenue

9.9%

9.5%

0,4 p.p.

11.5%

-1,6 p.p.

10.7%

9.9%

0,8 p.p.

Gross Margin

22.6%

33.6%

-11 p.p.

29.0%

-6,4 p.p.

26.3%

32.3%

-6 p.p.

The International Business segment comprises the sale of the Company's products on five continents, with exports to 53 countries. Most of the sales are directed to rural producers and agribusinesses, especially in Latin America, where the Company maintains a consolidated leadership position. This global presence reinforces the competitiveness of the solutions, the technological adaptability in the face of different agricultural realities, and the commitment to delivering efficiency on an international scale.

In 2Q25, the segment's Net Revenue totaled R$ 30.9 million, which performance remained close to the record level recorded in the same period of 2024, considered a historic milestone for the segment. This result reinforces the Company's good position in the international market, even in the face of a more challenging environment. In the 1st half of 2025, revenue grew by 2.9%, driven by continued deliveries in Paraguay and Uruguay, as well as advances in markets such as Panama, Peru, Angola, and Ecuador. Geographic diversification, combined with the increase in exports of equipment such as the KWMAX dryer and the new silos with PROCER technology, reinforces the focus on solutions with greater added value and technical complexity.

The 24.7% decrease compared to 1Q25 is associated with the seasonality of the segment, which concentrates investments in storage and processing in the period prior to the beginning of the agricultural cycle in Latin America. Even so, the quarter was marked by the expansion of the sales pipeline and progress in the negotiations of new projects, many of which are already in the initial phase of execution with expected revenues in the coming quarters.

The segment's gross margin was impacted by the appreciation of the real against the dollar, with an increase by approximately 5.0% in the Brazilian currency in the 2Q25 period, reducing the competitiveness of exports and pressuring results in local currency. As a result, the margin decreased by 11.0 percentage points compared to 2Q24, with the invoiced customer base increasing by 5.6% compared to 2Q24, evidencing the effectiveness of the strategy of geographic diversification and expansion of international presence as a way to mitigate risks and sustain sales volume. The resumption of business in Argentina is a clear example of this strategy.

During the quarter, relevant contracts were signed with customers located in Argentina, Paraguay, Panama, and Angola, mainly in the grain processing and integrated agribusiness segments, totaling approximately R$

42.4 million. These projects strengthen the Company's strategic presence in the international market and

increase the visibility of the global pipeline for future operational cycles, which tends to accelerate the pace of sales and expand the international portfolio.

Ports and Terminals


Ports and Terminals

2Q25

2Q24

Δ

1Q25

Δ

6M25

6M24

Δ

Net Operating Revenue

14.7

37.5

-60.8%

10.6

38.7%

25.3

84.0

-69.9%

Participation in Net Operating Revenue

4.7%

11.4%

-6,7 p.p.

3.0%

1,7 p.p.

3.8%

11.9%

-8,1 p.p.

Gross Margin

36.4%

35.6%

0,8 p.p.

31.3%

5,1 p.p.

34.3%

27.0%

7,3 p.p.

The Ports and Terminals segment offers complete solutions for the handling of solid bulk in road-rail, maritime and river terminals. With more than 120 projects delivered since 1992, the Company has established itself as a reference in engineering, manufacturing, implementation, and management of highly complex enterprises, which are fundamental for the export logistics of agricultural commodities and for the competitiveness of Brazilian agribusiness. This segment also includes large high-volume industrial complexes, such as corn ethanol and biodiesel plants.

The dynamics of this market involve longer sales cycles, high-value contracts, and extended execution periods, which naturally concentrates revenue recognition in certain quarters. This structural characteristic explains the variations in quarterly and half-yearly comparisons, without indicating a loss of commercial traction.

In 2Q25, Net Revenue was R$ 14.7 million, down 60.8% compared to 2Q24. This performance reflects an unusually high comparative base, driven in the previous year by two relevant milestones: the partnership with a large corn ethanol industry in Mato Grosso and the sale of cloistered carriers that expanded the operational capacity of the port of Santos. With no projects of similar size in 2025, the quarter's revenue was supported by ongoing deliveries.

The same scenario applies to the 1st half of 2025, with revenues of R$ 25.3 million, a 69.9% decrease compared to the same period in 2024. The exceptionally strong base of the previous year distorts the reading of the current performance, which remains anchored in an active commercial portfolio, with good generation of new contracts and a focus on solutions with higher added value and technical complexity.

Even in a quarter with a lower volume of deliveries, the segment showed a qualitative evolution. Gross margin reached 36.4%, an increase of 0.8 percentage points compared to 2Q24, reflecting the prioritization of more profitable projects and a portfolio with better composition. The number of invoiced customers grew 20%, indicating diversification of the base and consolidation of the portfolio's strategic positioning.

The Company will continue the performance of contracts already signed, which total approximately R$ 80 million, including projects aimed at ethanol and grain chains. In addition, it participates in relevant competitive processes, which can result in new revenues, reflecting its ability to act on different fronts and focus on sustainable value generation.

Replacement & Services (R&S)

Campo Grande | MS Sorriso | MT

Cascavel | PR Paragominas | PA

Panambi | RS

Luís Eduardo Magalhães | BA

Balsas | MA Cuiabá | MT

Rio Verde | GO



Replacement & Services

2Q25

2Q24

Δ

1Q25

Δ

6M25

6M24

Δ

Net Operating Revenue

62.5

57.6

8.4%

73.2

-14.7%

135.7

114.6

18.4%

Participation in Net Operating Revenue 20.1% 17.6% 2,5 p.p. 20.5% -0,4 p.p. 20.3% 16.2% 4,1 p.p.

Gross Margin 32.2% 32.3% -0,1 p.p. 33.6% -1,4 p.p. 32.9% 33.5% -0,6 p.p.

The Replacement & Services segment consolidates the Company's strategy of generating recurring revenue and strengthening the long-term relationship with the installed base. The portfolio combines parts, modernizations, capacity expansions, adjustments to safety standards, and a set of specialized services, such as training, adjustments, assisted operation, and technical support. These elements create a continuous cycle of value, extending the life of assets in the field. Currently, we have 9 Distribution Centers located in strategic regions, which contributes to optimizing logistics, ensuring fast spare parts replacement and excellence in customer service. These elements create a continuous cycle of value, extending the life of assets in the field.

The merger of Procer, in March 2023, raised the technical standard of after-sales service and reinforced regional coverage, boosting the expansion of recurring revenue and expanding operations in strategic markets. This combination of capillarity and specialization has sustained a solid growth trajectory for the segment.

In 2Q25, Net Revenue reached R$ 62.5 million, an increase of 8.4% compared to 2Q24, a decrease of 14.7% compared to 1Q25, due to the seasonality that concentrates more expressive sales volumes at the beginning of the year. In the 1st half of 2025, revenue totaled R$ 135.7 million, an increase of 18.4% year-on-year, reinforcing the effectiveness of the loyalty strategy and expansion of the installed base.

The number of invoiced customers grew 10.2% compared to 2Q24, as a result of regional and international commercial actions, market development programs, and targeted campaigns. Gross margin remained practically stable, with a slight negative variation of 0.1 percentage points, which shows the resilience of profitability even in a more competitive environment.

The demand for higher value-added solutions has also intensified. Modernizations, renovations, and expansions registered significant growth, with emphasis on Seletron machines, whose revenue grew 94% compared to 2Q24. Distribution centers in the domestic market increased their contribution by 6%, and the Seletron and Biocav lines continue to be important growth vectors. In the international market, Replacement & Services revenue increased 73% in the first half of the year when compared to the same period in 2024, consolidating the segment's global presence.

KeplerFlix, a new digital training platform based on subscription and accessible via the website, was launched in July. The initiative expands the reach of technical training, which until 2024 was restricted to the face-to-face format, impacting about two thousand people. The platform also strengthens the Company's performance in the Replacement & Services segment, in addition to contributing to mitigating the shortage of qualified labor in the field, reinforcing Kepler's commitment to innovation, the dissemination of knowledge, and the increase in agricultural productivity.

This initiative is in addition to a solid after-sales strategy, whose results in the period confirm its effectiveness. The loyalty of the installed base, the diversification of the offer, the advancement of the international presence, and the construction of long-lasting business relationships continue to be pillars for the generation of recurring value over time.

COST OF GOODS SOLD (COGS)



Figure 2 | Cost of Goods Sold (R$ million)

Cost of Goods Sold (COGS) totaled R$ 238.7 million in 2Q25, corresponding to 76.7% of net revenue in the period. Compared to 2Q24, there was an increase of R$ 7.8 million, or 3.4%, mainly reflecting the higher volume of production and shipments recorded in the quarter. Compared to 1Q25, there was a reduction of 12.3% in the absolute value given the decrease in revenues, although with a slight increase of 0.5 percentage points in the representativeness of net revenue.

In the 1st half of 2025, COGS totaled R$ 510.8 million, an increase of R$ 21.9 million (or 4.5%) compared to the same period in 2024. The indicator represented 76.4% of net revenue, an increase of 7.4 percentage points compared to 1H24. This variation is mainly due to the increase of approximately 6% in production volume between the periods compared, combined with the mix of projects shipped and the impact of inflation on industrial costs.



Figure 3 | Composition of COGS

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES


1Figure 4 | Selling Expenses (millions)

Selling Expenses totaled R$ 25.0 million in 2Q25, representing 8.1% of net revenue in the period, an increase of 11.6% compared to 2Q24. In the first half of the year, they totaled R$ 50.4 million, up 9.2% compared to the same period in 2024. This growth reflects, in part, the inflationary effects and investments aimed at PROCER's sustainable expansion.

The evolution of these expenses follows the consistent implementation of the Company's strategy, with integrated advances in all pillars, especially in strengthening communication with customers and expanding our commercial presence in the markets in which we operate.



Figure 5 | General and Administrative Expenses (millions)

General and Administrative Expenses totaled R$ 24.1 million in 2Q25, equivalent to 7.8% of net revenue, with a slight increase of 0.2 percentage points compared to 2Q24. In the first half of the year, expenses totaled R$ 47.5 million, a reduction of 4.8% in absolute values and a marginal increase of only 0.1 percentage points compared to the same period in 2024.

Even in a scenario of inflationary pressure, the Company managed to reduce its administrative expenses in nominal terms. The slight increase as a percentage of revenue is related to the small drop in revenue for the quarter and semester, and not to the increase in expenses.

This performance reinforces the Company's commitment to discipline in expense management, ensuring the necessary structure to implement its strategy efficiently. Among the initiatives that support this control, the Expenses Matrix Management (GMD) stands out, a methodology already adopted by the Company and which has contributed to identifying opportunities for efficiency gains and ensuring the most rational use of funds.

‌1 Selling expenses include amounts related to the allowance for doubtful accounts (PCLD), according to the line 'Losses due to the non-recoverability of financial assets' presented in the P&L.

OTHER NET OPERATING INCOME AND EXPENSES

Table 3 | Other Net Operating Revenues and Expenses (R$ thousands)

2Q25

2Q24

Δ%

1Q25

Δ%

6M25

6M24

Δ%

Other Net Operating Revenues and Expenses

5,520

3,719

48.4%

6,885

-19.7%

12,405

10,707

16.0%

Other Net Operating Revenues and Expenses totaled R$ 5.5 million in 2Q25, a positive result that represents a growth of 48.4% compared to the R$ 3.7 million recorded in 2Q24. In the first half of the year, this item reached R$ 12.4 million, an increase of 16% compared to the same period in 2024. We highlight the recognition of extemporaneous credits with tax recovery (one-off PIS/COFINS credits, social-security contribution). In the Half-Year period, the item in reference is influenced by the reversal of the PLR provision.

FINANCIAL RESULT

Table 4 | Net Income (R$ thousands)

Financial Revenues/Expenses (R$ thousands)

2Q25

2Q24

Δ%

6M25

6M24

Δ%

Financial Revenues

15,384

13,907

10.6%

35,845

22,504

59.3%

% Net Revenue

-4.9%

-4.2%

-0,7 p.p.

-5.4%

-3.2%

-2,2 p.p.

Financial Expenses

(20,929)

(12,649)

65.5%

(43,152)

(21,790)

98.0%

% Net Revenue

6.7%

3.9%

2,9 p.p.

6.5%

3.1%

3,4 p.p.

Total Financial Result

(5,545)

1,258

-541%

(7,307)

714

-1123%

The Financial Result was negative at R$ 5.5 million in 2Q25, reversing the positive result of R$ 1.3 million recorded in 2Q24. In the first half of the year, the result was also negative by R$ 7.3 million, compared to positive R$ 0.7 million in the same period of 2024.

This variation is mainly explained by the impact of the increase in interest rates, which increased from 10.5% in June 2024 to 15.0% in June 2025. Regarding the exchange rate change, the effect in 2Q25 was practically neutral, as asset and liability positions in foreign currency were balanced in the period. In the first half of the year, there was a slight negative impact related to the Company's operating activities in the international market, such as exports, imports, and commissions.

The balanced management of debt and liquidity helped to contain the most severe impacts on the financial result, even in the face of a scenario of high interest rates and exchange rate volatility.

The negative change in financial charges mainly reflects the structure of funds (charges related to the capitation of IFC financing).

EBITDA

Table 5 | EBITDA (R$ thousands)

EBITDA

2Q25

2Q24

Δ%

6M25

6M24

Δ%

Net Operation Revenues Net Profit

311,073

14,396

327,834

37,004

-5.1%

-61.1%

668,303

39,948

708,145

89,160

-5.6%

-55.2%

(+) Provision for current and deferred

income and social contribution taxes

8,803

17,626

-50.1%

24,760

45,492

-45.6%

(-) Financial Revenue

(15,384)

(13,907)

10.6%

(35,845)

(22,504)

59.3%

(+) Financial Expenses

20,929

12,649

65.5%

43,152

21,790

98.0%

(+) Depreciation and Amortization

9,196

9,898

-7.1%

18,821

19,756

-4.7%

EBITDA

37,940

63,270

-40.0%

90,836

153,694

-40.9%

EBITDA Margin

12.2%

19.3%

-7,1 p.p.

13.6%

21.7%

-8,1 p.p.

Net Margin

4.6%

11.3%

-6,7 p.p.

6.0%

12.6%

-6,6 p.p.

In 2Q25, the Company's EBITDA totaled R$ 37.9 million, with a margin of 12.2%, a result 40% lower than that recorded in 2Q24. In the first half of the year, EBITDA was R$ 90.8 million, down 40.9% compared to the same period of the previous year, with a margin of 13.6%.

It is worth noting that the month of June accounted for 56% of the quarter's EBITDA, evidencing the resumption in the pace of sales and deliveries. This performance at the end of the period reinforces the prospect of operational acceleration in the second half of the year, supported by a robust contracted portfolio, greater predictability in deliveries, and signs of gradual recovery in demand.

NET INCOME

In 2Q25, Net Income totaled R$ 14.4 million, with a net margin of 4.6%, a reduction of 6.7 percentage points compared to 2Q24. In the first half of the year, Net Income totaled R$ 39.9 million, with a net margin of 6.0%, down 6.6 percentage points compared to the same period in 2024.

The performance reflects the combined effects of a more contained revenue base resulting from the increase in trade discounts granted, given the financial impacts of the macroeconomic scenario, especially at the beginning of the year. Even so, the Company maintained a positive result and solid operating basis, with more favorable prospects for the second half of the year.

CASH FLOW


Figure 6 | Cash flow reconciliation (R$ millions)

The Company's cash balance was R$ 421.5 million in December 2024 and adjusted to R$ 356.8 million at the end of March 2025, reflecting the combined effect of the operating result for the period, variations in working capital, and investments made.

In the second quarter of 2025, the Company expanded its cash position again, even after the payment of R$

70.0 million in dividends. Operating generation, net of depreciation, amortization, and income tax, totaled R$

24.9 million. In the same period, working capital contributed positively with R$ 42.3 million, mainly driven by advances from customers.

Investments totaled R$ 20.8 million in the quarter, of which R$ 17.8 million by Kepler and R$ 3.0 million by Procer. Within the scope of financing, the Company raised a one-off and net funding of R$ 21.4 million.

In April 2025, the payment of R$ 70.0 million in dividends for the 2024 fiscal year was concluded.

This performance reflects the financial discipline and resilience of the Company's business model, with a continued focus on value creation, strengthening the cash position and preserving liquidity.

RETURN ON INVESTED CAPITAL (ROIC)

In 2Q25, Return on Invested Capital (ROIC) was 24.5%, reflecting a reduction of 4.3 percentage points compared to 1Q25. This movement is mainly due to the 10.3% drop in Operating Profit after taxes, which totaled R$ 156.5 million, compared to R$ 174.4 million in 1Q25. At the same time, average invested capital increased 5.5% in the period, reaching R$ 637.9 million, compared to R$ 604.8 million in 1Q25, mainly due to the increase in inventories to meet 2H25 volumes.

The combination of the higher capital base and the lower operating profit contributed to the reduction of the indicator, which remains at a healthy level and in line with the Company's capital profile.

INVESTMENTS (CAPEX)


Figure 7 | Quarterly Evolution of CAPEX (R$ million)



Figure 8 | CAPEX Distribution

In 2Q25, Investments totaled R$ 20.8 million, equivalent to 6.3% of net revenue, representing a significant growth compared to 2Q24. In the first half of the year, the Company allocated R$ 38.0 million in CAPEX, an increase of 134.7% compared to the same period in 2024, reinforcing its commitment to operational expansion, innovation and infrastructure modernization.

Manufacturing Capacity

Investments aimed at expanding manufacturing capacity showed relevant growth, with an increase of 23.3% in 2Q25 compared to the same period of the previous year. In the half-year to date, this advance was 75%, reflecting the continuity of important structuring projects. Among the highlights are the development of the BIOCAV production line, improvements in logistics solutions (packaging for handling), modernization of the cutting line, in addition to acquisitions aimed at strengthening the production structure.

Information Technology

Investments in Information Technology grew significantly, increasing 6 times in 2Q25 compared to the same period in 2024, representing 15% of the total invested in the quarter (compared to 11.7% in 2Q24). In the first half of the year, the growth was 3 times higher than that recorded in 2024, with a share of 12% of the total invested (compared to 10% in 6M24). This advance reflects the strengthening of the Company's digitalization agenda, with emphasis on the evolution of the SAP S/4HANA project, in addition to complementary initiatives such as improvements in the CRM system, implementation of management support solutions, and acquisition of new IT equipment, aimed at increasing operational efficiency and modernizing internal processes.

In addition, the Company intensified its investments in cybersecurity and data protection infrastructure, with the objective of strengthening digital resilience, mitigating operational risks, and ensuring greater security for strategic information, in line with the best practices in the market.

New Products

Investments in new products remained stable in 2Q25, with 22% of total invested, the same level as in 2Q24. In the semester, the participation was 22%, compared to 24% in 2024. Despite the slight percentage reduction, the contributions more than doubled in absolute value, reflecting the strengthening of the Company's commitment to innovation, portfolio differentiation, and sustainability. As a concrete result of investments in new products, the revenue generated by this front grew from 2% in 2021 to 11% in 2024. Throughout this period,

122 projects were developed and 118 KWMAX dryers were delivered, which contributed to avoiding the emission of more than 31 thousand tons of CO₂, reinforcing our commitment to sustainable and high value-added solutions. The Company remains firm in the execution of this agenda in 2025, maintaining innovation as a strategic foundation and competitive differential.

Sustainment Capex

Investments in support showed significant growth, reflecting the Company's commitment to the continuous updating of its infrastructure. In 2Q25, the amount invested was 6 times higher than in 2Q24, which increased its representativeness from 13% to 35% of the total invested in the period. In the first half of the year, the growth was 4 times compared to 1H24, with the share increasing from 23% to 34%.

This advance is related to important initiatives aimed at adapting the industrial park to current standards and legislation, the revitalization of the administrative area of Panambi, the paving of internal roads, the modernization of physical and technological infrastructure, and the reinforcement of information security measures, in view of the growing exposure to cyber risks in the corporate environment. The initiatives aim to strengthen the Company's digital resilience and protect its critical assets, sensitive data, and operational continuity.

The movement reaffirms the Company's focus on ensuring a solid, secure operating base prepared to sustain future growth.

CASH AND CASH EQUIVALENTS, AND INDEBTEDNESS

Table 6 | Cash and Cash Equivalents, and Indebtedness (R$ thousand)

Indebtedness (R$ thousands)

Jun/25

Dec/24

Jun/24

IFC

18,077

3,721

-

Export Credit Note

10,837

13,026

10,955

Rural Producer Financial Note

95,056

62,877

62,893

Agribusiness Credit Rights Certificate

-

10,716

10,170

FINEX

4,602

-

-

Short Term

128,572

40%

90,340

29%

84,018

29%

IFC

135,016

148,587

148,312

Export Credit Note

10,000

20,000

20,000

RPC - Rural Producer Certificate

24,000

24,000

36,000

Senior Shares - FIDC KWI

25,994

24,200

-

Long Term

195,010

60%

216,787

71%

204,312

71%

Total Indebtedness

323,582

100%

307,127

100%

288,330

100%

Cash and Cash Equivalents

358,239

421,500

513,442

Net Debt

34,657

114,373

225,112

The Company's Total Indebtedness has a diversified composition and a strategic focus, of which 47.3% refers to the financing agreement with the International Finance Corporation (IFC), 36.8% to the Financial Rural Product Note (CPR), 8.0% to the senior shares of FIDC KWI, 6.5% to the Export Credit Note (NCE) and 1.4% to the Agribusiness Credit Right Certificate (CDCA).

Throughout the first half of 2025, partial amortizations of principal and interest of R$ 14.1 million were made related to NCE Safra, R$ 10.4 million in interest from the contract with IFC, R$ 2.8 million in interest from CPR Itaú, in addition to the full settlement of principal and interest in the amount of R$ 50.8 million in CPR with BBM Bocom bank. New financing was also contracted, such as a CPR of R$ 80 million from BBM Bocom bank and a FINEX of R$ 4.5 million, reinforcing the strategy of active management of liabilities. These transactions contribute to the optimization of the Company's debt profile and preservation of liquidity.

The positive net cash position totaled R$ 34.7 million on June 30, 2025, compared to R$ 225.1 million in the same period of 2024. This reduction is mainly explained by the lower operating cash flow in the 1st half of 2025 and the distribution of R$ 70 million in dividends in 2Q25. Even so, the Company maintained a positive net cash position, evidencing its financial strength, even after significantly remunerating its shareholders.

DIVIDENDS AND INTEREST ON EQUITY (JCP)
  • Mandatory dividends 2024: R$ 18.5 million, representing R$ 0.10674833 per share.

  • Additional dividends: R$ 51.5 million, representing R$ 0.29724912 per share.

The payment of dividends was made on April 16, 2025, without withholding income tax, in accordance with the applicable law, and without remuneration or monetary adjustment.

Table 7 | Payout (R$ thousand)

ACCRUAL

2025

2024

2023

Δ%

2025/2024

Mandatory dividends

18,496

27,871

77,690

-64.1%

Interest on Equity

-

29,599

32,718

-9.5%

Additional dividends

51,504

47,000

-

0.0%

Interim Dividends

-

44,233

42,282

4.6%

Gross Total

70,000

148,703

152,690

-2.6%

Net profit

39,948

199,183

245,214

-18.8%

Payout

175.2%

74.7%

62.3%

19.9%

(*) Calculation based on the cash basis, considering the dividends and interest on equity actually paid each year.

SHAREHOLDING PERFORMANCE | KEPL3


Figure 9 | Kepler vs. Market | Base 100 | Base date: 06/30/2025

In June 2025, Kepler's shares were down 6.5% from the same period a year earlier. In the same interval, the Ibovespa and the Small Cap index recorded increases of 12.1% and 11.3%, respectively. This movement reflects an environment of greater risk aversion on the part of investors, with a more relevant impact on companies linked to the economic cycle and with greater dependence on credit and sectoral policies.

Even in the face of this more challenging context, the average daily liquidity of Kepler's shares reached R$ 12.2 million on June 30, 2025, representing a growth of 15% compared to the same period in 2024. This advance reinforces the market's continued interest and investor confidence in the strength of the Company's fundamentals and the consistent execution of its long-term strategy.

The volatility observed in the period is mainly due to the macroeconomic scenario and not to structural factors of the Company, which remains committed to generating sustainable value, expanding its operations, and strengthening its presence in the markets in which it operates.

OWNERSHIP STRUCTURE


Figure 10 | Ownership Structure (KEPL3) ESG (ENVIRONMENTAL, SOCIAL AND GOVERNANCE)

Kepler Weber reaffirms its commitment to transparency, corporate governance, and sustainability, conducting its operations with ethics and integrity. The information in this release was selected based on relevance and materiality for the Company. Detailed historical data on performance and initiatives can be accessed on the website: https://ri.kepler.com.br.

Governance and Strategic Management



The Company is managed by two deliberative bodies: the Board of Directors (BoD) and the Executive Board. It also maintains the Fiscal Council and three advisory committees to the Board of Directors.

The governance structure is composed of the following bodies and instances:

Board of Directors: The body is responsible for long-term planning strategy and supervision of the performance of the officers.

Fiscal Council: Acts independently, overseeing management, examining financial statements, and promoting transparency and integrity in governance.

Advisory Committees: Audit and Risk Committee, Strategy, Investment and Finance Committee and People, Compliance and Sustainability Committee, which contribute to corporate governance and advise the Board of Directors on specific topics.

Thematic committees: Created to address specific and strategic topics, such as ESG, privacy, and disciplinary ethics, ensuring the deepening and application of best practices in these topics.

Executive Board: Responsible for operational management and the execution of strategic guidelines, aligning the company with its objectives.

The governance bodies had updates in their respective compositions in the last quarter after the election period, and their composition is available at: Executive Board, Councils and Committees - Kepler Weber IR.

Risk Management and Internal Controls

In the second quarter of 2025, Kepler Weber continued to strengthen risk management and internal controls. Key initiatives include:

  • It has a Risk Management Policy that defines guidelines to identify, assess, monitor, and mitigate risks that may impact strategic objectives. The policy also establishes clear responsibilities among the Board, Committees, Executive Boards, and operational areas, promoting a culture of control and risk-based decision-making.

  • Use of the "Be Compliance" platform, which digitizes policies, enables training, and facilitates risk and third-party analysis. Since its implementation, the platform has already accounted for 8,962 accesses, with 635 accesses in this last quarter alone.

    Compliance and Corporate Culture

    The commitment to compliance is reinforced by initiatives that disseminate an ethical culture throughout the organization. The following stand out:

  • Sipatma + Compliance Week: Held in April, with face-to-face and remote programming. The theme "Moral and Sexual Harassment" was addressed in two sessions: a virtual one, focused on leadership (68 participants), and a face-to-face one, open to the internal public (more than 500 employees). Other topics included Psychosocial Risks (NR1) (191 participants) and General Data Protection Law (112 participants). The initiative strengthens the corporate culture and the commitment to good practices.

  • Ethics and Privacy Channel: Secure and confidential tool for reports and suggestions, managed by specific committees and regulated by internal policies. In the second quarter of 2024, only one report was recorded, and in the last quarter of 2025, no reports.

Through its regulatory instruments, the Be Compliance platform, the Sipatma + Compliance Week, the Ethics Channel, and other initiatives, Kepler Weber contributes to Sustainable Development Goals (SDGs) 16, especially targets 16.6 and 16.7, by promoting a culture of integrity and transparency, in addition to ensuring responsive, participatory, inclusive, and representative decision-making at all levels.

Social



In the quarter that marks Kepler Weber's centennial, the Company reinforces its social, cultural, and human legacy, recognizing the essential role of its more than 1,900 employees - 74% male and 26% female; In leadership, 80% are men and 20% women.

Kepler Weber continues to promote social responsibility initiatives, with a focus on education, culture, sports, well-being, and community engagement. In this quarter, social investments

exceeded R$ 550 thousand, through five continuous and punctual projects in the regions where it operates, impacting more than 4,100 people with an active portfolio focused on continuity and local transformation.

Among the continuous projects, the following stand out: Semente Mágica (122 children); Judô para a Vida (140 children), Sapatilhas e Laços (more than 90 children). Among the specific actions, the highlight of the 2nd quarter was Pedala Green, held in São Paulo, which brought together 600 people in its first edition. The free event promoted health, leisure, and sustainable urban mobility.

In line with its purpose of Caring for Life, the Company maintains the Health and Safety Program, focusing on risk prevention, a culture of safety and well-being of employees. With ISO 45001 certification and initiatives such as the Daily Safety Dialogue (DDS), Safety Commission, and the "Todo Reporte Vale" channel, Kepler Weber promotes a safe and participatory work environment. In the last quarter, 20,849 hours of training were recorded, with an average of 10.56 hours per employee, in addition to the continuous monitoring of other Health and Safety indicators.

Institutional Recognition

Certified for the fifth consecutive time by Great Place to Work, with an increase of two points over the previous evaluation, Kepler Weber was recognized as one of the Best Companies to Work. The result reflects the continuous commitment to the organizational climate and employee experience, reinforcing the Company's position in the B3 GPTW Index (IGPTW B3) and its adherence to the best practices in people management and corporate culture.

Kepler Weber's Centennial: A Living Legacy of Belonging, Culture, and Social Impact

The celebration of Kepler Weber's 100th anniversary was marked by comprehensive and integrated actions, reflecting the essence of a company that values its history and projects the future based on people, relationships, and legacy. In May, the units in Panambi (RS) and Campo Grande (MS) hosted events open to the community, with musical shows (such as Os Serranos and Chicão Castro), performances by the SESI Youth Orchestra and the Military Police, cultural shows, visits to factories, and recreational activities. The celebrations brought together more than 6,700 people, including local gastronomic experiences for employees in the units and regionals. The traditional internal celebration included tributes, distribution of commemorative kits, themed meals, and moments of proximity between employees and leaders.

Another highlight of the celebrations was the Light Show, held in Panambi and Campo Grande, which attracted about 3,200 people and provided an unprecedented experience to the communities, with art, music, and technology.

As part of the centennial actions, the Jornadas Épicas project was launched, which rescues and shares real stories of employees, customers, and partners who helped build the trajectory of Kepler Weber and national agribusiness. The initiative generated a web series with 18 episodes, which continues to be disseminated throughout the year on the company's social networks, reinforcing emotional ties and pride in belonging to the brand.

In addition, the company also launched a commemorative book "Armazenando Histórias Épicas com o Agro Brasileiro", distributed to all employees and strategic stakeholders. The work brings together historical facts, testimonials from 49 employees and customer reports, documenting the main milestones of the centennial trajectory.

Environment



We are constantly seeking to improve our environmental management system, with the aim of ensuring robustness and efficiency to work processes. The area is structured in four strategic thematic axes: Water and Effluents, Solid Waste, Atmospheric Emissions and Greenhouse Gases (GHG), and Energy.

In the 2nd quarter, we highlight the following:

Water and wastewater

As part of its ESG strategy, the Company is preparing to promote, in addition to treatment, the reuse of effluents, reducing the daily need for water withdrawal.

As a highlight at the end of the quarter, in June 2025, we started the design of a new industrial effluent treatment system for the Panambi/RS unit. The implementation of this system, scheduled for completion in 2026, represents the first step in a broader initiative, which aims to reuse treated effluents, reducing dependence on water collection from the concessionaire.

Solid Waste

In order to promote employee awareness and development on sustainability-related topics, training and workshops were held. The contents addressed solid waste management and environmentally appropriate practices, disseminating knowledge about the waste management program and the safe use of chemical products.

Environmental compliance

In line with market best practices, Kepler conducts legal compliance audits on an annual basis, ensuring the continuous updating of its practices and adherence to current standards. In the 2nd quarter of 2025, a legal compliance verification audit was conducted, covering all applicable legislation on environment, health and safety. The action aimed to confirm the adherence of the Company's practices to legal requirements, reinforcing the commitment to excellence in environmental management.

For more information, visit: https://ri.kepler.com.br/governanca-corporativa/sustentabilidade-esg/

RELATIONSHIP WITH INDEPENDENT AUDITORS

Pursuant to CVM Resolution No. 162 of July 13, 2022, the Company informs that its policy for contracting services not related to external auditing is based on the principles that preserve the auditor's independence.

In compliance with CVM Resolution No. 162/22, in the year 2025, we inform that Ernst & Young Auditores Independentes S.S. Ltda, was retained to perform independent audit services in the amount of R$ 421.6 thousand.

Composition of the Governance Bodies

BOARD OF DIRECTORS

Luiz Tarquínio Sardinha Ferro

Chairman

Maria Gustava Brochado Heller Britto

Vice-Chairwoman

Sitting Members Arthur Heller Britto Daniel Alves Ferreira

Doris Beatriz França Wilhelm Piero Abbondi

Ricardo Doria Durazzo Ruy Flaks Schneider

Werner Ferreira dos Santos

FISCAL COUNCIL

Sitting Members

Francisco Eduardo de Queiroz Ferreira Reginaldo Ferreira Alexandre

Túlia Brugali

Alternate Members

Emílio Otranto Neto Maria Elvira Lopes Gimenez

Rosângela Costa Süffert

EXECUTIVE BOARD

Bernardo Osborn Gomes Nogueira

Chief Executive Officer

Renato Arroyo Barbeiro

Chief Financial and Investor Relations Officer

Fabiano Schneider

Chief Industrial and Product Officer

Karine Olczevski

General Counsel, Chief Governance, Risk and Compliance Officer

Diego Wenningkamp Chief Implementation of Digital Projects and Services Officer

Jean Felizardo de Oliveira

Chief Commercial Officer

Simone dos Santos Lisboa

Chief People & Management Officer

Marcos Henrique Schwarz

Officer Supply Chain Officer

STRATEGY, INVESTMENT AND FINANCE

COMMITTEE

Ricardo Doria Durazzo

Coordinator

Members:

Arthur Heller Britto

Luiz Tarquínio Sardinha Ferro Piero Abbondi

Werner Ferreira dos Santos

AUDIT AND RISK COMMITTEE

Antonio Edson Maciel dos Santos

Coordinator

Members:

Doris Beatriz França Wilhelm Luiz Tarquínio Sardinha Ferro Valmir Pedro Rossi

PEOPLE, COMPLIANCE AND SUSTAINABILITY COMMITTEE

Piero Abbondi

Coordinator

Members:

Daniel Alves Ferreira

Maria Gustava Brochado Heller Brito Ruy Flaks Schneider

2Q25 Earnings

2Q25 FINANCIAL STATEMENTS

Earnings Videoconference


EARNINGS VIDEOCONFERENCE

On August 8, 2025 (Friday), Kepler will hold a videoconference in Portuguese, with simultaneous translation into English, at the following time:

  • 10:00 a.m. - Brazil Time

  • 09:00 a.m. - United States Time

    The access link for the Videoconference is available on the Investor Relations website: Webinar Registration -Zoom

    Participants:

  • Bernardo Nogueira | Chief Executive Officer

  • Renato Arroyo | Chief Financial and IR Officer

    Investor Relations:

  • Sandra Vieira | IR Coordinator

  • Rickson Ramalho | IR Analyst

  • Thalles Morelli | IR Analyst

Contact: ri@ri.kepler.com.br

The presentation will also be available on our website, in the Investor Relations section (https://http://ri.kepler.com.br/). Please log in approximately 10 minutes before the time set for the Videoconference.



FORWARD-LOOKING STATEMENTS

The statements contained in this report regarding Kepler's business prospects, earnings and projections and the Company's growth potential are mere forecasts and have been based on management's expectations regarding Kepler's future. These expectations are highly dependent on changes in the market, the general economic performance of the country, the sector and international markets, and may be subject to change.

EXHIBIT I STATEMENT OF CONSOLIDATED INCOME | Quarterly

(In thousands of Reais, except for percentages)

2Q25

AV%

1Q25

AV%

2Q24

AV%

AH%

(A)

(B)

(C)

(A)/(C)

(A)/(B)

NET OPERATING REVENUES

311,073 100.00%

357,230 100.00%

327,834 100.00%

-5.11%

-12.92%

COST OF GOODS SOLD

(238,690) -76.73%

(272,102) -76.17%

(230,874) -70.42%

3.39%

-12.28%

GROSS PROFIT

72,383 23.27%

85,128 23.83%

96,960 29.58%

-25.35%

-14.97%

Selling Expenses

(24,975)

-8.03%

(25,368)

-7.10%

(22,535)

-6.87%

10.83%

-1.55%

Losses on impairment of financial assets

(68)

-0.02%

(19)

-0.01%

96

0.03%

-170.83%

257.89%

General and Administrative Expenses

(24,116)

-7.75%

(23,355)

-6.54%

(24,868)

-7.59%

-3.02%

3.26%

Other income (expenses), net expenses

5,520

1.77%

6,885

1.93%

3,719

1.13%

48.43%

-19.83%

OPERATING INCOME (LOSS)

28,744

9.24%

43,271

12.11%

53,372

16.28%

-46.14%

-33.57%

Financial expenses

(20,929)

-6.73%

(22,223)

-6.22%

(12,649)

-3.86%

65.46%

-5.82%

Financial revenues

15,384

4.95%

20,461

5.73%

13,907

4.24%

10.62%

-24.81%

PROFIT BEFORE INCOME TAX AND SOCIAL CONTRIBUTION

23,199

7.46%

41,509

11.62%

54,630

16.66%

-57.53%

-44.11%

Income and social contribution taxes - Current

(4,264)

-1.37%

(3,668)

-1.03%

(12,620)

-3.85%

-66.21%

16.25%

Income and social contribution taxes - Deferred

(4,539)

-1.46%

(12,289)

-3.44%

(5,006)

-1.53%

-9.33%

-63.06%

INCOME AND SOCIAL CONTRIBUTION TAXES

(8,803)

-2.83%

(15,957)

-4.47%

(17,626)

-5.38%

-50.06%

-44.83%

NET INCOME

14,396

4.63%

25,552

7.15%

37,004

11.29%

-61.10%

-43.66%

EXHIBIT I STATEMENT OF CONSOLIDATED INCOME | Accumulated

(In thousands of Reais, except for percentages)

6M25

6M24

AH%

(A) AV%

(B) AV%

(A)/(B)

NET OPERATING REVENUES

668,303

100.00%

708,145

100.00%

-5.63%

COST OF GOODS SOLD

(510,792)

-76.43%

(488,876)

-69.04%

4.48%

GROSS PROFIT

157,511

23.57%

219,269

30.96%

-28.17%

Selling Expenses

(50,343)

-7.53%

(46,445)

-6.56%

8.39%

Losses on impairment of financial assets

(87)

-0.01%

257

0.04%

-133.85%

General and Administrative Expenses

(47,471)

-7.10%

(49,850)

-7.04%

-4.77%

Other income (expenses), net expenses

12,405

1.86%

10,707

1.51%

15.86%

OPERATING INCOME (LOSS)

72,015

10.78%

133,938

18.91%

-46.23%

Financial expenses

(43,152)

-6.46%

(21,790)

-3.08%

98.04%

Financial revenues

35,845

5.36%

22,504

3.18%

59.28%

PROFIT BEFORE INCOME TAX AND SOCIAL CONTRIBUTION

64,708

9.68%

134,652

19.01%

-51.94%

Income and social contribution taxes - Current

(7,932)

-1.19%

(28,936)

-4.09%

-72.59%

Income and social contribution taxes - Deferred

(16,828)

-2.52%

(16,556)

-2.34%

1.64%

INCOME AND SOCIAL CONTRIBUTION TAXES

(24,760)

-3.70%

(45,492)

-6.42%

-45.57%

NET INCOME

39,948

5.98%

89,160

12.59%

-55.20%

EXHIBIT II - CONSOLIDATED BALANCE SHEET

(In thousands of Reais, except for percentages)

Jun/25

(A) AV%

Dec/24

(B) AV%

Jun/24

(C) AV%

AH%

(A)/(B) (A)/(C)

ASSETS

Current assets

1,007,161

66.0%

1,070,027

67.13%

1,044,113

68.78%

-5.88%

-3.54%

Cash and cash equivalents

358,239

23.5%

389,817

24.45%

448,442

29.54%

-8.10%

-20.11%

Financial investments with no immediate liquidity

-

-

31,683

1.99%

65,000

4.28%

-100.00%

-100.00%

Trade accounts receivable

250,023

16.4%

277,679

17.42%

183,670

12.10%

-9.96%

36.13%

Inventories

327,160

21.4%

296,377

18.59%

268,206

17.67%

10.39%

21.98%

Taxes recoverable

48,083

3.2%

48,599

3.05%

52,436

3.45%

-1.06%

-8.30%

Other credits

23,656

1.6%

25,872

1.62%

26,359

1.74%

-8.57%

-10.25%

Non-current assets

518,864

34.0%

524,003

32.9%

473,936

31.22%

-0.98%

9.48%

Trade accounts receivable

37,716

2.5%

33,996

2.1%

5,320

0.4%

10.9%

608.9%

Taxes recoverable

30,279

2.0%

33,460

2.1%

24,430

1.6%

-9.5%

23.9%

Deferred taxes

25,531

1.7%

42,359

2.7%

38,338

2.5%

-39.7%

-33.4%

Other credits

7,592

0.5%

11,100

0.7%

5,013

0.3%

-31.6%

51.4%

Investments

207

-

110

-

102

-

88.2%

102.9%

Investment property

1,294

0.1%

1,329

0.1%

1,363

0.1%

-2.6%

-5.1%

Property, plant and equipment

271,223

17.8%

259,525

16.3%

258,016

17.0%

4.5%

5.1%

Intangible assets

126,746

8.3%

121,433

7.6%

118,250

7.8%

4.4%

7.2%

Right of use in progress

18,276

1.2%

20,691

1.3%

23,104

1.5%

-11.7%

-20.9%

TOTAL ASSETS

1,526,025

100.0%

1,594,030

100.0%

1,518,049

100.0%

-4.3%

0.5%

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities

508,475

33.3%

541,088

33.9%

486,536

32.05%

-6.03%

4.51%

Suppliers

98,612

6.5%

100,100

6.3%

95,195

6.3%

-1.5%

3.6%

Financing and loans

128,572

8.4%

90,340

5.7%

84,018

5.5%

42.3%

53.0%

Social and labor obligations

40,112

2.6%

49,743

3.1%

40,581

2.7%

-19.4%

-1.2%

Advances from customers

188,016

12.3%

195,642

12.3%

153,756

10.1%

-3.9%

22.3%

Taxes recoverable

5,566

0.4%

6,823

0.4%

7,788

0.5%

-18.4%

-28.5%

Recoverable income tax and social contribution

798

0.1%

4,039

0.3%

9,945

0.7%

-80.2%

-92.0%

Commissions payable

12,446

0.8%

15,018

0.9%

11,047

0.7%

-17.1%

12.7%

Dividends payable

-

-

21,881

1.4%

30,010

2.0%

-100.0%

-100.0%

Provision for guarantees

15,138

1.0%

30,759

1.9%

29,362

1.9%

-50.8%

-48.4%

Lease Financing

4,394

0.3%

4,109

0.3%

3,847

0.3%

6.9%

14.2%

Other accounts payable

14,821

1.0%

22,634

1.4%

20,987

1.4%

-34.5%

-29.4%

Non-current liabilities

288,667

18.9%

312,161

19.6%

293,272

19.32%

-7.53%

-1.57%

Suppliers

7

-

-

-

-

-

-

-

Financing and loans

195,010

12.8%

216,787

13.6%

204,312

13.5%

-10.0%

-4.6%

Provisions

12,105

0.8%

11,884

0.8%

12,136

0.8%

1.9%

-0.3%

Contingent consideration

63,391

4.2%

63,391

4.0%

54,960

3.6%

-

15.3%

Deferred taxes

0.0%

-

-

-

0.00%

-

0.0%

Lease Financing

15,744

1.0%

17,986

1.1%

20,053

1.3%

-12.5%

-21.5%

Other accounts payable

2,410

0.2%

2,113

0.1%

1,811

0.1%

14.1%

33.1%

Shareholders' Equity

728,883

47.8%

740,781

46.5%

738,241

48.63%

-1.61%

-1.27%

Capital stock

344,694

22.6%

344,694

21.6%

344,694

22.7%

-

0.0%

Actions in treasury

(59,084)

-3.9%

(58,748)

-3.7%

(22,570)

-1.5%

0.6%

161.8%

Capital reserves

8,046

0.5%

8,079

0.5%

7,611

0.5%

-0.4%

5.7%

Revaluation reserves

158

-

158

-

158

-

-

-

Equity valuation adjustments

21,858

1.4%

22,675

1.4%

23,515

1.6%

-3.6%

-7.0%

Profit reserve

372,419

24.4%

423,923

26.6%

294,821

19.4%

-12.1%

26.3%

Income for the period

40,792

2.7%

-

-

90,012

5.9%

-

-54.7%

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

1,526,025

100.0%

1,594,030

100.0%

1,518,049

100.0%

-4.3%

0.5%

EXHIBIT III - STATEMENT OF CASH FLOWS

CONSOLIDATED CASH FLOW

6M25

6M24

(In thousands of reais)

Cash flows from operating activities

NET INCOME (LOSS)

64,708

134,652

Adjustments for:

Depreciation and amortization

18,821

19,756

Provisions for Tax, Civil, and Labor Risks

313

577

Inventory provisions

3,534

891

Guarantee provisions

(15,621)

2,419

Credit provisions for expected losses

87

(257)

Provisions

(2,578)

352

Cost of property, plant and equipment /intangible assets written off

1,122

1,432

Financial result

9,919

1,586

Interest incurred on leases

1,525

1,746

81,830

163,154

Changes in assets and liabilities

Other accounts payable

(7,049)

(9,548)

Cash flow from operating activities

63,543

200,608

Interest paid on loans

(21,394)

(16,929)

Income and social contribution taxes paid

(9,473)

(26,284)

Net cash provided by (used in) operating activities

32,676

157,395

Cash flow from investments

Acquisition of property, plant and equipment and intangible assets

(34,446)

(15,557)

Financial investments with non-immediate liquidity

31,683

(32,610)

Net cash provided by investing activities

(2,763)

(48,167)

Cash flow from financing

Actions in treasury

(923)

(2,447)

Loans repaid

(70,000)

(110,000)

Loans raised

84,500

210,000

Senior shares - FIDC KWI

1,794

-

Financing arrangement fees

56

-

Dividends and Interest on equity paid

(73,384)

(77,811)

0

Payment of operating leases

(3,534)

(3,451)

Net cash used in financing activities

(61,491)

16,291

Net increase (decrease) in cash and cash equivalents

(31,578)

125,519

Trade accounts receivable

23,849

131,172

Inventories

(34,317)

(14,950)

Taxes recoverable

3,697

4,366

Other credits

17,201

2,804

Brazilian and foreign suppliers

(1,454)

(25,695)

Salaries and vacation pay

(9,631)

(4,263)

Taxes recoverable

(2,957)

(2,196)

Advances from customers

(7,626)

(44,236)

Statement of cash and cash equivalents increase

Cash at the beginning of the period

389,817

322,923

Cash at the end of the period

358,239

448,442

Variation in cash and cash equivalents in the period

(31,578)

125,519

For more information, visit our results center: https://ri.kepler.com.br/informacoes-financeiras/central-de-resultados/

The financial and operational information in this document, except when otherwise indicated, is presented on a consolidated basis, in thousands of reais (R$ thousand), in accordance with the accounting practices adopted in Brazil, including Corporate Law and convergence with IFRS international standards. Growth rates and other comparisons are, unless otherwise indicated, made in relation to the same period of the previous year. It is important to note that the nonfinancial and non-accounting figures were not reviewed by the independent auditor.

Earlier from Kepler Weber Sa

All Kepler Weber Sa news releases