Group 1 - The investment strategy focuses on long-only investment, evaluating companies from an operational and buy-and-hold perspective [1] - The approach does not prioritize market-driven dynamics or future price action, instead emphasizing long-term earnings power and competitive dynamics [1] - Most recommendations will be holds, indicating a cautious approach to market conditions, with only a small fraction of companies deemed suitable for purchase at any time [1] Group 2 - The articles aim to provide important information for future investors and introduce skepticism in a generally bullish market [1] - There is a clear distinction made between the author's opinions and professional investment advice, emphasizing the need for readers to conduct their own due diligence [2][3]

Group 1 - The article reiterates a buy recommendation on BrasilAgro (NYSE: LND) shares following the disclosure of quarterly results on September 3, 2025 [1] - The analysis is based on over 5 years of experience in equity analysis in Latin America, providing in-depth research and insights for informed investment decisions [1]

Financial Data and Key Metrics Changes - The net profit for 2025 was BRL 180 million, down from BRL 288 million in the previous year [44] - Adjusted EBITDA for the period was BRL 167 million, representing a 4% decrease compared to the previous period [46] - The company experienced a significant impact from increased interest rates, resulting in a negative financial result of BRL 80 million [47][48] Business Line Data and Key Metrics Changes - The company sold farms generating BRL 40 million in revenue, compared to BRL 120 million previously [2] - The gross result from sugarcane was BRL 86 million, with a margin returning to historical levels around 30% [54] - The gross result from soy was BRL 76 million, maintaining a margin of 86% despite a 7% decrease in price compared to the previous year [53] Market Data and Key Metrics Changes - The company noted a recovery in cattle raising, selling an asset for BRL 140 million, significantly higher than the BRL 10 million investment [4] - The company reported a decrease in cotton production by 38% due to severe drought conditions in Paraguay [27] - The average selling price for soy was around $10.70, with a notable increase in margins compared to previous periods [41] Company Strategy and Development Direction - The company emphasized its intrinsic characteristic of selling farms as a core part of its business model [2][5] - There is a focus on diversifying crops and regions to mitigate operational and commercial risks [4] - The company is investing in technology and operational efficiency, including the establishment of a centralized operational hub for better monitoring [36][38] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of internal bases for soy, despite geopolitical challenges [13] - There is a concern about tighter margins in the coming years due to high production costs and market volatility [35][77] - The company is preparing for potential fluctuations in exchange rates and their impact on margins [72][74] Other Important Information - The company plans to distribute dividends of BRL 5 million, the lowest in the last five years, reflecting a cautious approach to capital allocation [59] - The company has a net debt of BRL 785 million, indicating a healthy balance sheet despite the challenging environment [56] Q&A Session Summary Question: Margin expectations and visibility in the market - Management highlighted the need for discipline among farmers due to expected margin compression in the coming years [71][72] Question: Discrepancies in land appraisal values - Management explained that internal appraisals are conservative compared to external evaluations, influenced by market conditions and interest rates [63][66] Question: Transformation of agricultural areas - The company noted a decrease in transformed areas due to rising costs and market conditions, with a focus on maintaining profitability [83][84]

RESULTS PRESENTATION 3Q25 | 9M25 André Guillaumon CEO Ana Paula Zerbinati IR and Capital Market Head Gustavo Lopez CFO & IRO 9M25 EARNINGS CALL PORTUGUÊS Essa videoconferência será em português, com tradução simultânea para o inglês. Alteração de Idioma: para acessar a tradução simultânea, clique no botão Interpretation, na parte inferior direita da tela, e escolha o idioma "Inglês". Para fazer perguntas: clique no ícone Q&A e escreva seu nome e empresa ou levante a mão para entrar na fila. Ao ser anunciado ...

FORM 6-K U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934 dated May 7, 2025 BRASILAGRO – COMPANHIA BRASILEIRA DE PROPRIEDADES AGRÍCOLAS (Exact Name as Specified in its Charter) BrasilAgro – Brazilian Agricultural Real Estate Company (Translation of Registrant's Name) 1309 Av. Brigadeiro Faria Lima, 5th floor, São Paulo, São Paulo 01452-002, Brazil (Address of principal executive offices) G ...

Group 1 - The recommendation for BrasilAgro (NYSE: LND) shares has been upgraded from Hold to Buy, indicating a positive outlook for the company [1] - The ongoing Trade War between the United States and China is expected to create favorable conditions for BrasilAgro, potentially benefiting its operations and market position [1]

Group 1 - The core investment strategy of Quipus Capital focuses on long-only investment, evaluating companies from an operational and buy-and-hold perspective rather than market-driven dynamics [1] - Quipus Capital emphasizes understanding the long-term earnings power of companies and the competitive dynamics within their industries [1] - The majority of recommendations from Quipus Capital will be holds, indicating a cautious approach to investment opportunities [1] Group 2 - The articles produced by Quipus Capital aim to provide important information for future investors and introduce a healthy skepticism in a generally bullish market [1] - The author of the articles does not hold any stock or derivative positions in the companies mentioned and has no plans to initiate such positions in the near future [2] - The articles express the author's personal opinions and are not intended as professional investment advice [3]

Group 1 - BrasilAgro (NYSE: LND) reported improved margins in core crops, particularly soybeans from inventory carry and sugarcane due to price improvements [1] - The company completed the sale of one of its assets, indicating strategic operational decisions [1] Group 2 - The focus of Quipus Capital is on long-only investments, evaluating companies from an operational and buy-and-hold perspective, rather than market-driven dynamics [1] - The approach emphasizes understanding the long-term earnings potential of companies and the competitive dynamics within their industries [1]

RESULTS PRESENTATION 1Q25 André Guillaumon CEO Gustavo Lopez CFO & IRO brasilagro Ana Paula Zerbinati IR and Capital Market Head 1Q25 EARNINGS CALLS PORTUGUÊS | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|------------------------------------------------------------------------------------------------------- ...

Financial Performance - The company's net revenue for the year ended June 30, 2024, was R$771.1 million, a decrease from R$903.4 million for the year ended June 30, 2023[198]. - Grains accounted for 53.3% of the company's operating net revenue for the year ended June 30, 2024, down from 64.1% in the previous year[203]. - The company planted 95,193 hectares of grains during the 2023/2024 crop year across its farms in Brazil, Bolivia, and Paraguay[203]. Currency and Economic Factors - On June 30, 2024, the exchange rate for reais into U.S. dollars was R$5.5589 to US$1.00, compared to R$4.8192 on June 30, 2023, indicating a depreciation of the real[8]. - Fluctuations in the value of the Brazilian real against the U.S. dollar could significantly impact the company's export revenue and operating costs[77]. - The selling rate of the real fluctuates widely, impacting the U.S. dollar amounts received by holders of American Depositary Shares (ADSs) upon conversion of dividends[9]. - Brazilian GDP growth rates were 4.6% in 2021, 2.9% in 2022, and 2.5% in 2023, with a cumulative growth of 2.5% in the first half of 2024[139]. - Inflation rates in Brazil were 17.8% in 2021, 5.5% in 2022, and 4.62% in 2023, with cumulative inflation of 2.85% in the first half of 2024[145]. - The SELIC interest rate was 10.50% per year as of June 30, 2024[145]. - Economic conditions in the United States and other emerging markets may negatively impact the Brazilian economy and the market for Brazilian securities[150]. - An increase in U.S. interest rates may reduce global liquidity and adversely affect the price of the company's common shares[151]. Business Strategy and Operations - The company’s business strategy relies on acquiring agricultural properties at attractive prices, developing them profitably, and selling them for profit in the medium to long term[24]. - The company’s strategy relies on acquiring underdeveloped agricultural properties and applying modern agricultural technologies to enhance their value[61]. - The company engages in short-term contractual arrangements with third-party contractors for various production services, enhancing agility in market adaptation[199]. - The company focuses on high value-added crops such as soybean, corn, and sugarcane, alongside cattle raising, to generate cash flow and capital gains[197]. Customer Concentration and Revenue Risks - In the year ended June 30, 2024, three customers accounted for 43.5% of the company's revenue, with two responsible for 41.1% in the grain/cotton segment and one for 56.8% in the sugarcane segment[50]. - The concentration of the customer base increases the risk of adverse effects if any major customer defaults or is lost[52]. - In the year ended June 30, 2023, three customers accounted for 45.8% of the company's revenue, with one responsible for 63.1% in the sugarcane segment and two for 42.0% in the grains/cotton segment[51]. Regulatory and Compliance Risks - The company is classified as an "emerging growth company," allowing it to take advantage of certain exemptions from reporting requirements, including auditor attestation[16]. - The company is subject to Brazilian Law No. 5,709/71, which imposes restrictions on land acquisition by foreign entities, potentially limiting business development[28]. - The company must comply with Brazil's LGPD, which establishes rules for the collection and processing of personal data, with potential penalties for non-compliance[131][132]. - The company is subject to extensive environmental regulations, and non-compliance could result in substantial fines and operational interruptions[58]. Market and Competitive Environment - The company faces increased competition for suitable agricultural properties, leading to higher acquisition costs and potential inability to acquire properties on attractive terms[27]. - The company faces significant domestic and international competition, with many competitors having larger financial resources and subsidies not available in Brazil[117]. - The company is exposed to risks from geopolitical tensions, which may affect global growth and investor interest in Brazilian assets, potentially impacting share prices and capital market access[98]. Operational Challenges - The company faces risks related to global economic disruptions, including conflicts that may affect commodity markets and raw material costs[19]. - The company’s ability to execute its business strategy may be adversely affected by factors such as failure to acquire properties at attractive prices and operational challenges[24]. - The company is highly dependent on third-party contractors for agricultural property development and machinery, which poses risks to quality and efficiency[54]. - The company faces joint liability for environmental damages caused by third-party contractors, which could lead to significant costs if held liable[55]. - The company may encounter challenges in implementing investment projects, including delays and higher-than-expected costs[62]. Investment and Capital Structure - The company increased its capital stock by R$3,064.36 through the issuance of 306,436 new common shares, raising the total capital stock to R$1,587,984,600.71[180]. - The company has made investments in farmland in Bolivia and Paraguay and is considering further international expansion, subject to various economic and political risks[121][122]. - The company has a policy of applying for financing with government development banks to support its investment strategy[181]. Property and Asset Management - BrasilAgro has acquired 18 agricultural properties across seven Brazilian states, totaling 320,990 hectares, with 214,920 hectares being arable[179]. - As of now, BrasilAgro holds 271,016 hectares, including 69,984 hectares leased, after selling a total of 119,996 hectares[179]. - The company’s agricultural properties are illiquid and volatile, affecting its ability to sell properties profitably and timely[39]. - BrasilAgro's agricultural properties are subject to annual appraisals to estimate fair market value based on development level and agricultural potential[192]. - The company leases 11,900 hectares of its agricultural properties to third parties as of June 30, 2024[200]. - The company’s leases generally last between three to ten years, with lessees having a right of first refusal to purchase the leased farms[201]. Supply Chain and Input Costs - Fertilizers and agrochemicals account for approximately 30% of total production costs for the 2023/2024 harvest year, exposing the company to risks from price increases and supply shortages[96]. - The ongoing conflict between Russia and Ukraine has disrupted supply chains, leading to significant uncertainty regarding the availability and pricing of fertilizers, which may adversely affect operations[103]. - The company relies on suppliers for raw materials, and any delays in delivery could adversely affect planting and harvesting operations[101]. - The lack of transportation, storage, and processing infrastructure in Brazil poses significant challenges for the agricultural sector, affecting overall business operations[113]. Forward-Looking Statements and Risks - The company undertakes no obligation to publicly update any forward-looking statements, which involve risks and uncertainties[20]. - The company may face challenges in raising additional capital due to uncertain future profitability and political and economic conditions in Brazil, which could restrict operational flexibility[83]. - Changes in government policies regarding biofuels may adversely affect commodity prices and the company's financial condition[56]. - The prohibition of glyphosate, a widely used herbicide, could significantly impact production costs and margins if it were to be enforced[112]. - The Brazilian government's measures to control inflation, including high interest rates, may restrict credit availability and slow economic growth[146]. - As of June 30, 2024, certain loans are subject to interest rate fluctuations, which could adversely affect the company's ability to meet financial obligations[147].