Comunicado ao Mercado

Agriculture at its best.

March, 2026

1. Market Overview/Safra 25/26

2. M&As

3. Net Debt

4. Funding

5. Financial Performance

6. Land and NAV

7. Strategy and Capital allocation

8. Innovation & Technology 9 . ESG

Market overview 2025/26 Crop Year





Market overview

Precipitation forecast

Source: CPC NOAA | Note: Bias correction based on last 30-day forecast error

Market Overview

Soybean

Price World supply & demand (million tons)

-7.0% US Planted Area | +4.5% US Yield

360.0

369.6

2025/26 vs 2024/25

396.3

366.3 378.2

427.2 427,2

413.4 424.2

(USD/Buschel)

12.27

341.4

367.1

2.5

360.6

2019/20

2020/21

2021/22

2022/23

2023/24

2024/25*

2025/26*

-5.7

366.7 383.6

11.5 12.7 13.8

3.0

2020 2021 2022 2023 2024 2025 2026

Consumption Production GAP

Price: Bloomberg CBOT ( March 13th, 2026). | WSD: USDA (Mar/2026).

*Forecast

MARKET OVERVIEW

Soybean - Argentina - 2025/26 crop year

Source: Bolsa de Cereales AG Report: March, 12th 2026.

Market overview

Precipitation forecast - Argentina

Source: Bolsa de Cereales AG

Market Overview

Corn

Price World supply & demand (million tons)

(CBOT) SPOT May 26 - USDbu 4.62

(CBOT) Jul 26 - USDbu 4.74

+8.7% US Planted Area | +4.0% US Yield

2025/26 vs 2024/25

1,297.4

(CBOT) Sep 26 - USDbu 4.77

1,220.3

1,230.7

1,248.8

(CBOT) Dec 26 - USDbu 4.90

1,133.9 1,152.9

1,125.6 1,133.8

1,180.4

39.9

1,167.4

1,225.6

1,165.6

1,230.6

1,286.4

(USD/Buschel)

2019/20

2020/21

2021/22

2022/23

2023/24

4.62 -8.2 -19.1

-1.7

5.1

2024/25*

2025/26*

-18.2

11.1

2020 2021 2022 2023 2024 2025 2026

Consumption Production

GAP

Price: Bloomberg CBOT ( March 13th, 2026). | WSD: USDA (Mar/2026).

*Forecast

MARKET OVERVIEW

Corn - Argentina - 2025/26 crop year

Source: Bolsa de Cereales AG Report: March, 12th 2026.

Market Overview

Cotton

Price

(ICE) SPOT Jun 26 - U$ cents/pd 67.15 (ICE) Dec 26 - U$ cents/pd 69.87

World supply & demand (million bales)

-17.0% US Planted Area | -3.4% US Yield

2025/26 vs 2024/25

(ICE) Mar 27 - U$ cents/pd 70.85

(ICE) Dec 27 - U$ cents/pd 69.07

118.5

105.2

13.3

124.5

115.8

113.6 114.2

-1.6

116.3

112.6

3.7

115.0 118.9

112.6 118.5

2025/26*

-2.4 -0.4

121.0

118.6

2024/25*

2.4

(Cents/Libra)

67.15

-10.9

2019/20

2020/21

2021/22

2022/23

2023/24

2020 2021 2022 2023 2024 2025 2026

Consumption Production

GAP

Price: Bloomberg CBOT ( March 13th, 2026). | WSD: USDA (Mar/2026).

*Forecast

OUR BUSINESS

Climate Forecast - El Niño & La Niña

PERSISTENCE:

• We are in the season where Neutral

  is more likely than La Niña.

• The chance of a El Niño scenario will be higher (62%) until Jun/Jul/Aug 2026

Source: NOAA CPC

2025/26 Crop year

Growth of planted area

837K

736K

2024/25*

2025/26*

Expected growth

for 2025/26:

+13.8%

Source: 4Q25 Release

*Forecast

2025/26 Crop year

Estimated planted area per crop

SOYBEAN

COTTON

CORN

+12.5%

377,531 424,672

+7.4%

178,803 192,084

+28.2%

122,748 157,370

837K ha

of PLANTED AREA

2025/26 crop year

Realizado

2024/25

Actual 2024/25

Forecast

Forecast

2025/26

2025/26

Actual 2024/25

Forecast

Orçado

2025/26

2025/26

Actual

Realizado

2024/25

2024/25

Forecast 2025/26

Realizado

2024/25

Orçado

2025/26

Source: 4Q25 Release

2025/26 Crop year



Estimated Yields (Kg/ha)

Source: 4Q25 Release

Hedge position | 2025/26

Soybean

Corn

Cotton

*74.8% total

Commitments:

7.8%

*75.5% total

Commitments:

12.0%

65.1% total

Commitments:

3.2%

80.7%

*73.6% total

Commitments:

5.5%

67.0% 63.5%

43.8%

61,9%

68.1%

27.2%

15.1%

28.7%

FX

Commodity

FX

Commodity

Commodity FX

Source: 4Q25 Release

Hedge position | 2026/27

Soybean

Corn

Cotton

*30.0% total

Commitments:

18.1%

*47.0% total

Commitments:

44.7%

37.1% total

Commitments:

33.6%

Commitments:

34.1%

USD/bu 11,9%

11.67

R$/USD

2,3% 5.46

3,5% R$/USD

0% 5.46

0% 0%

Commodity

FX

Source: 4Q25 Release

2025/26 Crop year



Cost per hectare

Source: 4Q25 Release

M&As





M&As

Sierentz acquisition

Growth in mature areas with high productive

potential

+100k ha

USD 129M

(payment)

60% paid

in 2025

Spin-off of

Sierentz

63k ha R$191,2M

(receipt)

M&As

Land acquisition

R$723M

Paladino Farm

39.987 phisical ha

BA state

Value per arable

hectare R$33,876

= 34% discount

R$190M

Unaí Farm

7,835 phisical ha

MG state

Value per arable

hectare R$36,176

= 50% discount

M&As

Mitsui minority ownership acquisition

R$ 103M 47,8%

stake in SLC Mit

+27k ha

in controller result

M&As

SLC irrigation Project*

Farm State

Current irrigated physical area ( a )

Irrigation implementation 2025/26

Crop year

Irrigation implementation upcoming years

Total ( b )

∆%

(b) x (a)

Pamplona GO 3,355 390 610 4,355 29.8%

Piratini BA 3,896 2,970 5,995 12,861 230.1%

Paysandu BA 7,224 - 10,215 17,439 141.4%

Palmares BA 1,550 - 2,565 4,115 165.5%

Paladino BA - - 14,410 14,410 n.n.

- - 16,025 3,360 33,795 53,180 231.9%

*09/07/2025 Pele:aÉt Fact

M&As

SLC Association SLC Agrícola x FIPs

5500,.0011%% 4499,.9999%%

*BTG Pactual

FIPs

SubscíiptioÉ of PiíatiÉi Faím aÉd iííigatioÉ iÉfíastíuctuíe

*BT≤ Pactual Seí:iços FiÉaÉceiíos S.A. Distíibuidoía de Títulos e Valoíes MobiliÉíios

P$P.033 bileÉo

M&As

Strategy

Monetizing the land at market price.

Maximizing operational efficiency through irrigation projects.

25

Agricultural partnership agreement

Payment:

19% of agricultural

production

Term: 18 years

26

M&As

+70.07%

increase in irrigated area compared to the physical area.

Irrigation project and location

• Piratini: 18,052

• Paladino: 21,471

  39,523

• Piratini: 13,204

• Paladino: 14,730

  Irrigado

  Total plantado

  27,934

• Piratini: 31,256

  
  
  

• Paladino: 36,201

67,457

PaladiÉo - SÉo Desidéíio

PiíatiÉi - JaboíaÉdi

PD BA

PI

1ª safra

1st crop

Irrigated

Total planted

Net Debt

Performance Financeira

Net Debt

Indebtedness currency - Real

Fixed Credit Line 7.8% 11.1% 36,585 214,136

Working Capital Credit Line 13.1% 15.5% 5,588,046 7,358,595

Subtotal Currency Real 13.1% 15.3% 5,624,631 7,572,731

Indebtedness currency - Dólar

Applied in Working Capital 7.5% - 206,948

Subtotal Currency Dólar - 7.5% - 206,948 Subtotal General 5,624,631 7,779,679

(-) CRA transactions costs (26,227) (51,395)

(=) Adjusted Gross Debt 5,655,440 7,893,380

(+/-) Gains and losses with deriv. connected with applications and debt 30.809 113.701

(=) Adjusted Net Debt 3,674,278 5,244,012

(-) Cash (1,981,162) (2,649,368)

Adjusted EBITDA (Last 12 months) 2,036,617 2,664,715

Adjusted Net Debt/Adjusted EBITDA 1.80x 1.97x

Source: 4Q25 Release.

FINANCIAL PERFORMANCE

Net debt/adjusted EBITDA

1.80 1.97

1.42

0.74

0.75

1.06

2020 2021 2022 2023 2024 2025

Source: Release 4Q25.

30

Financial Performance



Debt profile and schedule

2025

2,649

R$ million

Short Term 22%

1,705 1,675

1,088 1,033

664

381

861

486

Long Term

78%

Cash 2026 2027 2028 2029 2030 2031 2032 After

2032

Source: 4Q25 Release

Funding





Financial Performance

Net Debt Credit Line

0%

19%

33%

28%

3%

17%

USD

3%

PR

CDI

91%

CRA

Rural Credit

BNDES

EFIXED

6%

Working

Capital

Export

Financing

Finep

Source: 4Q25 Release

Financial Performance





FINANCIAL PERFORMANCE

Adjusted EBITDA

(R$ MM & Ad.EBITDA margin)

Net profit

4.000

3.118

2.709

2.665

1.337

1.131

1.685

2.037

938

42%

38%

26%

482

565

31%

18%

39%

29%

13%

7%

6,6%

0

2021

2022

2023

2024

2025

2021

2022

2023

2024

2025

Consolidated

adjusted EBITDA

Consolidated adjusted

EBITDA margin

Net profit

Net margin

(R$/MM & net margin)

Source: 4Q25 Earnings Release

Land & NAV

VALUE CREATION

Evolution in the value of the land portfolio

(R$ / billion)

13.44%

New CAGR

same Farms (2) (IPO portfolio) 2007 to 2025

2.7

7.7%

CAGR

CDI(3)

P.6

P.8

3.4 3.6 3.9

3.9

6.9

9.4

5.5

P3,4

6.5

+15.6%(1)

6.P

P0.9 PP.6

6.4

0.7

0.7

P.0

P.5

P.8

P.0

P.3

P.6

2007 2009 2011 2013 2015 2017 2019 2021 2022 2023 2024 2025

Same Farms (IPO portfolio) Total portfolio

1. Calculated with absolute value.

2. CAGR SF in the same farms since IPO.

3. CAGR CDI - 2007 to 2025.

Net Asset Value

NAV

R$ 26.6

Strategy & Capital allocation





STRATEGY

Our strategy in 3 phases

SLC has made great use of the main opportunities in Brazilian agribusiness in recent decades

830

730

Planted Area (thd ha)

630

530

430

330

230

130

30

Phase 1

The miracle of cerrado

Business Model Development

Foundation up to IPO

• 100% owned land;

• Gradual land transformation;

• Land as value reserve;

• Building a replicable production model.

  Phase 2

  The Land Conversion

  arbitrage window

  IPO speeds up the pace

  IPO 2007 up to 2016

  • Steep growth;

  • Start of leasing strategy;

  • Joint Ventures

  • Certifications.

Phase 3

Distance from the average

Technology as a "game changer"

Current

• Predominantly Asset

  Light growth;

• Efficiency: distance from the average;

• Financial strength;

• ESG leadership.

1977 2007 2016 2024

STRATEGY

68.7%

Migration to asset-light model In the 2025/2026 crop year:

of physical area

comes from leasing & joint

ventures (1st crop)

Planted area by land property (thd ha)

736

674

837

139

Owned area

Leased area Joint Ventures area

396

48 50

463

50

56

389

55

363

661

60

346

88

349

448

283

56 75 72 75 76

30 41 47 49 46

95 102 119 122 143

188

184

196

10 34

107 137 160 148 155 173

207 219 227 227 225 216

222

215 217

227

256

255

299

250

Source: 4Q25 Release

The Company considers the leased area as: leased area of the first crop plus the first crop area of the Joint Ventures, divided by the total planted area of the first crop = 68.7%

*Forecast

FINANCIAL PERFORMANCE

Capital allocation

Growth in mature areas with high productive

potential

Pasture

conversion

Dividend

payment

Shares

buyback

New

projects