Comunicado ao Mercado - Apresentação Inglês XP Agro Conference São Paulo

Agriculture at its best.

February, 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

Precipitation forecast

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

Source: Imea

Source: Imea

Price

(CBOT) SPOT Mar 26 - USDbu 10.75

(CBOT) May 26 - USDbu 10.87

(CBOT) Jun 26 - USDbu 11.01

World supply & demand (million tons)

-7.0% US planted area | +4.5% US Yield

2025/26 vs 2024/25

427.1 425.6

396.3

(CBOT) Aug 26 - USDbu 10.98

360.0

341.4

369.6

367.1

366.3

360.6

378.2

366.7 383.6

413.5 423.1

(USD/Buschel)

10.75

2.5

2019/20

2020/21

2021/22

2022/23

2023/24

2024/25*

2025/26*

-5.7

11.5 12.7 13.6

2.5

2020 2021 2022 2023 2024 2025 2026

Consumption Production GAP

Price > Source: Bloomberg (CBOT). Last update: January, 28th 2026 | WSD > Source: USDA (January, 2026) | *Forecast.

Source: Agroconsult

Soybean - Brazil

2025/26 crop year by state

By Agroconsult

Source: Agroconsult

Precipitation forecast - Argentina

Source: Bolsa de Cereales AG

Source: Bolsa de Cereales AG

Price

(CBOT) SPOT Mar 26 - USDbu 4.30

World supply & demand (million tons)

+8.7% US planted area | +4.0% US Yield

(CBOT) May 26 - USDbu 4.38

2025/26 vs 2024/25

1,296.0

(CBOT) Jun 26 - USDbu 4.44

(CBOT) Aug 26 - USDbu 4.43

1,220.3

1,133.8 1,152.9

1,180.4

1,167.3

1,165.6

1,230.7

1,225.6

1,251.0

1,284.9

1,230.8

(USD/Buschel)

4.30

1,125.6 1,133.8

2019/20

2020/21

2021/22

-8.2 -19.1

39.9

-1.7

5.1

11.1

2022/23

2023/24

2024/25*

2025/26*

-20.2

2020 2021 2022 2023 2024 2025 2026

Consumption Production GAP

Price > Source: Bloomberg (CBOT). Last update: January, 28th 2026 | WSD > Source: USDA (January, 2026) | *Forecast.

Source: Bolsa de Cereales AG

Price

(ICE) SPOT Mar 26 - U$ centspd 63.73 (ICE) May 26 - U$ centspd 65.46

World supply & demand (million bales)

-17.0% US planted area | +3.4% US Yield

2025/26 vs 2024/25

(ICE) Jun 26 - U$ centspd 67.10

(ICE) Dec 26 - U$ centspd 69.01

118.5

124.5

115.8

116.3

115.0

118.5 119.4

(U$ cents/Pound)

105.2

13.3

113.6 114.2

112.6

3.7

112.6

118.9 118.9

0.5

2019/20

2020/21

2021/22

2022/23

2023/24

2024/25*

2025/26*

63.73

-10.9 -1.6

-2.4 -0.5

2020 2021 2022 2023 2024 2025 2026

Consumption Production GAP

Price > Source: Bloomberg (CBOT). Last update: January, 28th 2026 | WSD > Source: USDA (January, 2026) | *Forecast.

Climate Forecast - El Niño & La Niña

PERSISTENCE:

• We are in the season where La

  Niña is more likely than Neutral.

• The chance of a Neutral scenario will be higher until May/Jun/Jul 2026

Source: IRI Columbia

Growth of planted area

836K

736K

2024/25*

2025/26*

Expected growth

for 2025/26:

Source: 3Q25 Release

*Forecast

Estimated planted area per crop

SOYBEAN

COTTON

CORN

+14.2%

377,531 431,206

+11.1%

178,803

198,657

+29.3%

122,748

158,706

Actual 2024/25

Budget

2025/26

Actual 2024/25

Budget

2025/26

Actual

2024/25

Budget 2025/26

836K ha

of PLANTED AREA

2025/26 crop year

Realizado

2024/25

Orçado

2025/26

Realizado

2024/25

Orçado

2025/26

Realizado

2024/25

Orçado

2025/26

Source: 3Q25 Release

Estimated Yields (Kg/ha)

Source: 3Q25 Release

Hedge position | 2025/26

Soybean

Corn

Cotton

*60.2% total

Commitments:

11.8%

48.4%

Commodity

*64.3% total

Commitments:

29.4%

34.9%

FX

6.5%

12.1%

18.6%

R$/bags

54.44

Commodity

59.4% total

Commitments:

19.4%

40.0%

FX

27.2%

Commodity

*49.5% total

Commitments:

23.6%

25.9%

FX

Cost per hectare

Source: 3Q25 Release

• High interest rate;

• The soybean crop in Brazil is expected to be a record;

  - CONAB 176,1M tons/USDA 178M tons/Agroconsult 182M tons;

• La Niña until May/26, then shifiting to a probability of El Niño;

• Higher costs;

• Pressured prices;

• Firm demand for soybeans and corn;

• Credit restricts;

  
  
  
  
  

  MARKET OVERVIEW

  2025/26 Crop Year SLC Agrícola

  • Planted area growth of +100k hectares;

  • Expansion of irrigated área - lower risk +higher yield;

  • Cost increase of 9.7% but with higher volume of fertilizers and crop protection;

  • Firm demand for soybean and corn;

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 hectares 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

Net Debt

(+/-) Gains and losses with deriv. connected with applications and debt 30,809 165,128

Source: 3Q25 Release

Net debt/adjusted EBITDA

1,42

1,80

2,34

0,74

0,75

1,06

2020 2021 2022 2023 2024 LTM 3Q25

Source: Release 3Q25.

2®

Debt profile and schedule

31%

Term

69%

1,722,306

1,137,754

1,502,287

1,239,608

1,049,470

806,838

1,328,800

432,458 401,303

Seoít Teím

LoÉg Teím

Short Term Long Term

Source: 3Q25 Release

Cash 2025 2026 2027 2028 2029 2030 2031 After

2031

Net Debt Credit Line

22%

33%

28%

15%

2%

PRÉ; 5%

CDI;

95%

Source: 3Q25 Release