Comunicado ao Mercado - Apresentação em inglês Itau 19th Annual Latam CEO Conference - Nova York

Agriculture at its best.

May, 2026

1. Our Business

2. Market Overview/ 25/26 Crop Year

3. M&As

4. Net Debt

5. Financial Performance

6. Land and NAV

7. Strategy and Capital allocation

8. Innovation & Technology

9. ESG

Our Business





OVERVIEW

Our Business

What?

Where?

How? To Whom?

Production of

cotton, soybean, corn, seeds and cattle finishing.

In 8 states of the Brazilian Cerrado Region.

On both owned and leased land, large scale farms.

Grains:

Tradings, Animal Feed and Food Ind.

Cotton: Tradings

and Textile Ind.

Seeds: Agricultural Producers.

Cattle: food industry and meat processors

OUR BUSINESS

Strategically positioned Farms

A portfolio resilient to climatic variations

Mato Grosso -

State

315,357 ha

Mato Grosso do Sul

- State

65,907 ha

2%

38%

8%

Pará - State

13,319 ha

26%

4%

19%

3%

Maranhão State

216,764 ha

Piauí - State

34,781 ha

Bahia - State

157,514 ha

Goiás and Minas Gerais - State 26,640 ha

26 Farms

distributed throughout the brazilian cerrado

Source: 1Q26 Release

3.5% of total

physical area is

irrigated

The percentage numbers represent the planted area of each region in relation to the Company's total.

Planted area 2025/26 crop year

830 K ha

OUR BUSINESS

Standardized production units

A replicable model - Pioneira Farm

Farm village

Lodging

Crop

protection

deposit Maintenance

Machine house Fertilizer deposit I

Cafeteria Hotel

Social area

Operational area

Grains silo Fertilizer deposit II

Seed deposit Office

Trucker's house

OVERVIEW

Breakdown per crop

A diversified and flexible portfolio

Planted area 2025/26

Revenue* 2025

4% 3%

19%

23%

12%

44%

51%

7% Others**

32%

4% Others

Corn

Soybean

Cotton

Cattle Seeds

Source: 1Q26 Release | 4Q25 Release

*In revenue, cotton contains cotton seed and cottonseed;

** Other crops: Brachiaria, Sorghum and other.

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

Price

11.99

2020

2021

2022

2023

2024

2025

2026

Price: Bloomberg CBOT ( May 12th, 2026). | WSD: USDA (May/2026).

Soybean

World supply & demand (million tons)

+4.3% US Planted Area | 0% US Yield

2026/27 vs 2025/26

427.9

369.6

367.1

366.3

360.6

378.2

366.7

396.3

412.1

427.6

426.6

441.5

440.7

383.6

11.5

12.7

15.8

2.5

1.0

0.8

-5.7

Consumption

Production

GAP

(USD/Buschel)

2020/21

2021/22

2022/23

2023/24

2024/25

2025/26*

2026/27*

*Forecast

MARKET OVERVIEW

Soybean Oil vs. Crude Oil

Source: Bloomberg

MARKET OVERVIEW

Biofuel

Biofuel Demand for soybean (million tons)

33% 96

Brasil USA

26%

90

72 79

92 94

26

11

11 13 12 13 15

35

18 17 16

62%

22 24 27

57

29 25

33

31 39

34 31

45

43

29 34

49 50 51 52

41 42 43 44

7 9 7

5 7 13 12 13 13

1 4 5 4

15 16 19 23 23 24 28

*Forecast

Source: USDA, ANP, IEA, ABIOVE e SLC

MARKET OVERVIEW

Price of Diesel - MT State

Source: Bloomberg and internal data

MARKET OVERVIEW

Freight prices

Freight prices Sorriso to Paranaguá (R$/t) Freight prices Sorriso to Santos (R$/t)

Source: Bloomberg

Market Overview

Corn

Price World supply & demand (million tons)

(CBOT) SPOT May 26 - USDbu 4.60

-3.5% US Planted Area | -1.8% US Yield

(CBOT) Jul 26 - USDbu 4.75

2026/27 vs 2025/26

1,312.7

1,306.5

(CBOT) Sep 26 - USDbu 4.81

(CBOT) Dec 26 - USDbu 4.97

1,152.9

1,133.8

1,220.3

1,180.4

39.9

1,230.7

1,167.4

1,225.6

1,165.6

1,250.6

1,292.8

1,232.1

19.9

1,295.4

(USD/Buschel)

4.60

2020/21

2021/22

2022/23

-19.1

-1.7

5.1

2023/24

2024/25

2025/26*

2026/27*

-18.0

-11.1

2020 2021 2022 2023 2024 2025 2026

Consumption Production

GAP

Price: Bloomberg CBOT ( May 12th, 2026). | WSD: USDA (May/2026).

*Forecast

MARKET OVERVIEW

Corn Ethanol Plants

Corn Ethanol Plants in Brazil

+27

plants

Source: UNEM, ANP, SLC.

MARKET OVERVIEW

Corn Ethanol

Corn Ethanol Production in Brazil by Product Type

Million Metric Ton

+67%

Hydrous Anhydrous Crop-Year Production Projection

Source: IMEA and UNEM.

Note: Due to rounding of decimal places, the combined volumes of hydrous and anhydrous ethanol may not exactly match the total ethanol volume for the 2025/26 crop year. Estimate as of September 2025.

Market Overview

Cotton

Price

(ICE) SPOT Jun 26 - U$ cents/pd 87.77 (ICE) Dec 26 - U$ cents/pd 87.40

World supply & demand (million bales)

+3.9% US Planted Area | +1.6% US Yield

2026/27 vs 2025/26

(ICE) Mar 27 - U$ cents/pd 87.94

(ICE) Dec 27 - U$ cents/pd 76.68

124.5

115.8

113.6 114.2

116.3

112.6

115.0

112.6

122.6

119.3

119.1 120.1

121.7

116.0

(Cents/Libra)

87.77

2020/21

2022/23

2024/25

2025/26*

40

-10.9

-1.6

3.7

-2.4

0.2 2.5

-5.6

2021/22

2023/24

2026/27*

-

2020 2021 2022 2023 2024 2025 2026

Consumption Production

GAP

Price: Bloomberg CBOT ( May 12th, 2026). | WSD: USDA (May/2026).

*Forecast

MARKET OVERVIEW

Polyester vs Crude Oil

Source: Bloomberg

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 (92%) until Jun/Jul/Aug 2026

Source: NOAA CPC

2025/26 Crop year

Growth of planted area

830

736

2024/25

2025/26*

Expected growth

for 2025/26:

+12.8%

Source: 1Q26 Release

*Forecast

2025/26 Crop year

Estimated planted area per crop

SOYBEAN

COTTON

CORN

+12.5%

377,531 424,648

+7.0%

178,803 191,333

+26.9%

122,748 155,707

830 K ha

of PLANTED AREA

2025/26 crop year

Realizado

2024/25

Actual 2024/25

Forecast

Forecast

2025/26

2025/26

Actual 2024/25

Forecast

Forecast

2025/26

2025/26

Actual

Realizado

2024/25

2024/25

Forecast 2025/26

Realizado

2024/25

Forecast

2025/26

Source: 1Q26 Release

2025/26 Crop year



Estimated Yields (Kg/ha)

Source: 1Q26 Release

Hedge position | 2025/26

Soybean

Corn

Cotton

*79.2% total *79.2% total

*74.3% total

Commitments:

Commitments:

4.1%

Commitments:

4.3%

*66.6% total

Commitments:

84.6%

0.1%

75.1% 74.9%

47.0%

0.1%

66.5%

74.2%

27.2%

31.1%

15.9%

FX

Commodity

FX

Commodity

Commodity FX

Source: 1Q26 Release

Hedge position | 2026/27

Soybean

Corn

Cotton

*35.7% total

Commitments:

17.3%

18.4%

USD/bu

*43.2% total

Commitments:

40.4%

R$/USD

38.3% total

Commitments:

34.7%

3.6% R$/USD

33.5%

33.8% total

Commitments:

33.4%

R$/USD

11.82

2.8%

5.48 0%

5.52

0.4%

5.90

Commodity

FX

Commodity

FX

Source: 1Q26 Release

Market Overview



Inputs and fertilizers

USD/ton

% purchased inputs

1000

800

600

400

MAP CFR KCL CFR Urea CFR SSP CPT MT

900

733

423

405

2026/27 crop year:

85.0% potassium chloride

100% phosphate

0% nitrogen

200

May/23

May/24

May/25

74.3% crop protection

May/26

Last price update: May 7th, 2026

% purchased inputs source: 1Q26 Release.

EXCHANGE RATIO FERTILIZERS

Soybean (bag/ton)

KCL

SSP

16,82

15,36

29,08

15,61

12,93

12,52

11,25

12,73

10,81

16,09 14,43

16,52

16,97

13,76

15,50 15,52

9,74

13,60

9,04

8,99

9,57

8,17

9,56

9,67

10,95

13,24 13,15

10,53

11,12

10,98

Potassium

Phosphorus

100%

Bought

Note: Consider the spot price to inputs and the future price for Soybean (May/27).The years 2021 and 2026 were not considered in the calculation of the average.

EXCHANGE RATIO FERTILIZERS

Corn (saca/ton)

KCL SSP

33,99

31,64

40,03

59,89

29,55

24,92

25,37

23,77

25,37 27,55

23,73

24,42

36,75

31,42

34,91

35,58

33,55 36,92

19,61

20,45 18,60

20,04

30,19

27,4128,89

28,12 25,31

26,94 27,88

30,58

Potassium Phosphorus

100%

36,47 34,41

30,26

UREA

62,90

33,85

58,29

33,46 37,44

30,73

Bought

27,48

26,9927,78

29,50

24,44

26,73

Nitrogen

Note: Consider the spot price to inputs and the future price for Corn (Jun/27). The years 2021 and 2026 were not considered in the calculation of the average.

EXCHANGE RATIO FERTILIZERS

Cotton (@/ton)

KCL SSP

30,59

13,93 13,90

16,16

13,42

17,43

17,33

14,16

20,00

16,00

16,00

9,46

9,64

11,38

11,90

10,76

12,29

12,85

10,22

11,4812,20 10,64

12,00 13,00

13,52

10,14

7,79

8,87 7,82

10,83

Potassium

UREA

32,12

30,80

Phosphorus

100%

Bought

16,23

14,85

10,72

12,40

19,00

18,20

16,00

13,65

11,24 11,29

11,2710,60

12,00

Nitrogen

Note: Consider the spot price to inputs and the future price for Cotton (Dec/27). The years 2021 and 2026 were not considered in the calculation of the average.

2025/26 Crop year

Share of fertilizers per crop

Soybean

Cotton Corn

% Average

% cost p/ha

18.7% 22.2% 29,9%

21.7%

7.7%

11.0%

10.1%

4.4%

7.7%

54%

18%

28%

16.2%

5.3%

8.4%

Nitrogen (N) 6.7%

Phosphorus (P) 9.1%

Potassium (K) 5.9%

Nitrogeni

Fósforo

Potassio

Phosphorus Potassium Nitrogeno....

Ref. 2025/26 Crop year

M&As

2025 DESTAQUES

M&AS



Sierentz Acquisition

Land acquisition

Mitsui minority ownership

Irrigation project SLC Agrícola

Released

Association SLC Agrícola x FIPs

USD129M (payment) +100K hectares

SPIN-OFF OF SIERENTZ 63K ha R$191,2M to Terrus (receipt)

R$723M

39.987 phisical hectares, BA state

Value per arable hectare R$33,876 = 34% discount R$190M

7,835 phisical hectares, MG state

Value per arable hectare R$36,176 = 50% discount

R$103M = 47,8% stake in SLC Mit +22k ha in controller result

+ 33,795 in the next years: 92% in Bahia state Land acquisition and irrigation projects

SLC has 50,01% and FIPs 49,99%

SLC subscription Piratini Farm - Market value

FIPs - Subscription R$1,033 billion

Total area to be irrigated +28k ha

Agricultural partnership agreement : 19% of agr. production

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 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.

39

Agricultural partnership agreement

Payment:

19% of agricultural

production

Term: 18 years

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

4P

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

Association SLC Agrícola x FIPs

Irrigation Project

Piratini Farm - BA

Well drilling 300m³

Water Main

Installation 500mm

Canal