1Q26
Earnings Conference Call
Speakers:
Aurélio Pavinato - CEO
Ivo Brum - Chief Financial and IR Officeí
André Vasconcellos - Financial Planning and IR Manageí
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Market Overview
Market OverviewCotton
Price
World supply & demand (million bales)
(ICE) SPOT Jun 26 - U$ cents/pd | 86.81 |
(ICE) Dec 26 - U$ cents/pd | 86.46 |
(ICE) Mar 27 - U$ cents/pd | 87.03 |
(ICE) Dec 27 - U$ cents/pd | 76.71 |
+3.9% US Planted Area | +1.6% US Yield
2026/27 vs 2025/26
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)
86.81
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 ICE ( May 13th, 2026). | WSD: USDA (May/2026).
*Forecast
Market OverviewSoybean Oil vs. Crude Oil
Source: Bloomberg
Market OverviewSoybean
Price
World supply & demand (million tons)
(CBOT) SPOT May 26 - USDbu | 12.15 |
(CBOT) Jul 26 - USDbu | 12.29 |
(CBOT) Aug 26 - USDbu | 12.23 |
(CBOT) Mar 27 - USDbu | 12.15 |
+4.3% US Planted Area | 0% US Yield
2026/27 vs 2025/26
427.9 427.6
441.5
369.6
367.1
366.3
360.6
396.3
378.2
366.7 383.6
412.1
426.6 440.7
(USD/Buschel)
12.15 2.5
-5.7
11.5 12.7 15.8
1.0 0.8
2020/21
2021/22
2022/23
2023/24
2024/25
2025/26*
2026/27*
2020 2021 2022 2023 2024 2025 2026
Consumption Production GAP
Price: Bloomberg CBOT ( May 13th, 2026). | WSD: USDA (May/2026).
*Forecast
Market OverviewCorn
Price World supply & demand (million tons)
(CBOT) SPOT May 26 - USDbu | 4.66 |
(CBOT) Jul 26 - USDbu | 4.80 |
(CBOT) Sep 26 - USDbu | 4.87 |
(CBOT) Dec 26 - USDbu | 5.03 |
-3.5% US Planted Area | -1.8% US Yield
2026/27 vs 2025/26
1,312.7
1,306.5
1,152.9
(USD/Buschel)
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
4.66
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 13th, 2026). | WSD: USDA (May/2026).
*Forecast
2025/26 Crop Year
2025/26 Crop YearStatus 2025/26 Crop year
Soja
100% harvested
Soybean
Milho
100% planted
Corn
Algodão
100% planted
Cotton
Update: May 8th, 2026
2025/26 Crop YearSoybean, last 8 years
Evolution - yields (bags p/ha) and planted area (ha)
4,146
Kg/ha
69.1
Bag/ha
Yield +11%
Planted Area +75%
450.000
400.000
350.000
PLANTED AREA (HA)
300.000
250.000
200.000
150.000
100.000
50.000
0
69
ÁREA PLANTADA DE SOJA
SACAS P/HA
62
424,648
243,149
Soybean planted area
2018/19 2025/26
70
65
60 Yield
BAGS OF SOYBEAN
55 Record
50 2025/26 crop year
45
+12.2%
higher x
40
35
30
25
20
National average
Bags per hectare
2025/26
Source: ri.slcagricola.com.br - National average: CONAB April/2026.
2025/26 Crop YearHedge Position
2025/26
FX Hedge - Soybean | Commercial Hedge - Soybean | |||
Crop Year | 2025/26 | Crop Year | 2025/26 | |
% | 74.9 | % | 75.1 | |
R$/USD | 5.6896 | USD/bu | 11.20 | |
Commitments % | 4.3 | Commitments % | 4.1 | |
FX Hedge - Cotton | Commercial Hedge - Cotton | |||
Crop Year | 2025/26 | Crop Year | 2025/26 | |
% | 74.2 | % | 84.6 | |
R$/USD | 6.0380 | US¢/lb | 73.88 | |
Commitments % | 0.1 | Commitments % | - | |
FX Hedge - Corn | Commercial Hedge - Corn | |||
Crop Year | 2025/26 | Crop Year | 2025/26 | |
- | - | % | 15.9 | |
- | - | R$/bag | 58.53 | |
% | 66.5 | % | 31.1 | |
R$/USD | 5.7119 | USD/bag | 8.88 | |
Commitments % | 0.1 | Commitments % | - | |
Source: 1Q26 Release
Financial Performance
Financial PerformanceFinancial Highlights
(R$ thd) | 1Q25 | 1Q26 | HA |
Net revenue | 2,331,042 | 2,267,501 | -2.7% |
Gross income | 1,076,055 | 943,164 | -12.3% |
Gross margin | 46.2% | 41.6% | -4.6p.p. |
Operational result | 866,048 | 624,406 | -27.90% |
Operational margin | 37.2% | 27.5% | -9.7p.p. |
Net income | 510,700 | 236,082 | -53.8% |
Net margin | 21.9% | 10.4% | -11.5p.p. |
Adjusted EBITDA | 943,656 | 695,242 | -26.3% |
Adjusted EBITDA margin | 40.5% | 30.7% | -9.8p.p. |
Free cash flow | (1,419,301) | (1,354,266) | 4.6% |
Source: 1Q26 Release .
Financial PerformanceCAPEX 1Q26
Expansão vs. Manutenção
Expansion
32.6%
Maintenance
67.4%
IRRIGATION CAPEX R$ 73 M in the quarterSource: 1Q26 Release.
Financial PerformanceCredit Line | Average annual Interest Rate | Consolidated | |||||
(R$ thd) | 4Q25 | 1Q26 | 4Q25 | 1Q26 | |||
Finame - BNDES | 11.6% | 11.8% | 194,165 | 198,804 | |||
Finep | 6.5% | 6.2% | 19,971 | 20,005 | |||
CRA | 15.6% | 15.3% | 2,589,190 | 2,594,100 | |||
Rural Credit | 15.7% | 15.5% | 1,366,822 | 1,368,318 | |||
Applied in Working Capital | 16.0% | 15.7% | 2,096,254 | 1,794,995 | |||
Export financing | 14.2% | 13.7% | 1,306,329 | 1,200,469 | |||
Subtotal Indebtedness in BRL | 15.3% | 15.0% | 7,572,731 | 7,176,691 | |||
Applied in Working Capital | 7.9% | 7.9% | 98,809 | 65,676 | |||
Export financing | 7.2% | 7.1% | 108,139 | 76,212 | |||
Subtotal Indebtedness in USD | 7.5% | 7.5% | 206,948 | 141,888 | |||
Subtotal Indebtedness General | 15.1% | 14.9% | 7,779,679 | 7,318,579 | |||
(-) CRA transactions costs | (51,395) | (49,959) | |||||
Total | 7,728,284 | 7,268,620 | |||||
Total Indebtedness without CRA transaction costs | 15.1% | 14.9% | 7,779,679 | 7,318,579 | |||
(+/-) Gains/losses with deriv. connected w/ applications & debt | 113,701 | 169,522 | |||||
(=) Adjusted Gross Debt | 7,893,380 | 7,488,101 | |||||
(-) Cash | (2,649,368) | (923,739) | |||||
(=) Adjusted Net Debt | 5,244,012 | 6,564,362 | |||||
Adjusted EBITDA (Last 12 months) | 2,664,715 | 2,416,301 | |||||
Adjusted Net Debt/Adjusted EBITDA | 1.97x | 2.72x | |||||
Source: 1Q26 Release.
Financial PerformanceDebt Profile
4Q25
Long Term 78%
Short Term 22%
Long Term 81%
1Q26
Short Term 19%
Source: 1Q26 Release.
2026/27 Crop yearInputs/Hedge
2026/27 Crop yearInputs 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.
2026/27 Crop yearHedge Position
2026/27
FX Hedge - Soybean | Commercial Hedge - Soybean | |||
Crop Year | 2026/27 | Crop Year | 2026/27 | |
% | 2.8 | % | 18.4 | |
R$/USD | 5.4780 | USD/bu | 11.82 | |
Commitments % | 40.4 | Commitments % | 17.3 | |
FX Hedge - Cotton | Commercial Hedge - Cotton | |||
Crop Year | 2026/27 | Crop Year | 2026/27 | |
% | 0.4 | % | 33.5 | |
R$/USD | 5.9029 | US¢/lb | 77.41 | |
Commitments % | 33.4 | Commitments % | - | |
FX Hedge - Corn | Commercial Hedge - Corn | |||
Crop Year | 2026/27 | Crop Year | 2026/27 | |
- | - | % | - | |
- | - | R$/bag | - | |
% | 3.6 | % | - | |
R$/USD | 5.5200 | USD/bag | - | |
Commitments % | 34.7 | Commitments % | - | |
Source: 1T26 Release
ESG
ESGAwards
ESG
Reduction in carbon emissions
Decarbonization plan projection
Expansion of regenerative and low-carbon agriculture practices
Reduction in the use of fossil fuels and self-generation of electricity from renewable sources
Offsetting actions through the conservation of native areas and forestry projects
Emissions in agricultural operations (metric ton CO2e)
Residual offset volume (metric ton CO2e)
Biogenic removals in agricultural operations (metric ton CO2e)
Intensity index (metric ton CO2e/ product)
Source: 2025 Management Report.
ESG ENVIRONMENTAL4 Carbon Negative Farms
(metric ton CO2e)
Farm | Agricultural Scope 1 and Scope 2 emissions | Agricultural Scope 1 removals | Balance |
Parnaguá | 18,573 | -23,063 | -4,490 |
Palmares | 41,024 | -62,653 | -21,629 |
Panorama | 40,236 | -46,975 | -6,739 |
Piratini | 29,300 | -30,884 | -1,584 |
Parnaguá Farm
Palmares Farm
Panorama Farm
Piratini Farm
Source: 2024/25 Crop Year
Our
Big Dream
To positively impact future generations, through global leadership in agribusiness and respect to the planet.
P SSION
FOP T E DO
INTE≤PIT
Our values
Integrity, guided by ethical, consistent, and unquestionable conduct, combined with Passion for what we do and a commitment to the highest quality, foster Enduring Relationships and mutual respect among all stakeholders, leading to Sustainable Results-economically viable, socially equitable, and environmentally responsible.
L STIN≤
PEL TIONS IPS
SUST IN BLE
PESULTS
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Ivo Marcon Brum
Chief Financial and Investor Relations Officer
André Vasconcellos
Financial Planning and Investor Relations Manager
Alisandra Reis
Investor Relations Coordinator
Daniel Batista
Investor Relations Analyst
Laiza Rocha
Investor Relations Specialist
Investor Relations department
+ 55 51 3230.7799
+ 55 51 3230.7864
ri@slcagricola.com.br
slcagricola.com.br
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Disclaimer
We make forward-looking statements that are subject to risks and uncertainties. These statements are based on the beliefs and assumptions of our management, and on information
currently available to us. Forward-looking statements include statements regarding our intent, belief or current expectations or that our directors or executive officer. Forward-looking statements also include information concerning our possible or assumed future results of operations,
as well as statements proceeded by, followed by, or that include the words
"believes", "may", "will", "continues", "expects", "anticipates", "intends", "plans", "estimates" or similar expressions. Forward-looking statements are not guarantees and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur. Our future results and shareholder values may differ materially from those expressed in or suggested by these forward-looking statements. Many of the factors that will determine these results and values are beyond our ability to control or predict.
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