BrasilAgro Companhia Brasileira de Propriedades Agrícolas (NYSE:LND) Q1 2026 Earnings Call November 07, 2025 08:00 AM ET Speaker1Thank you for being with us and presenting.O trimestre nosso.Our results. This is a quarter that historically has not too much revenue. We are at this moment with the end of the sugarcane harvest, and then we have our harvest being planted. Theoretically, it is a period where you have results that may be a bit weaker. We will bring in some points that brought these results, and al ...

1Q26 RESULTS PRESENTATION André Guillaumon CEO Gustavo Lopez CFO & IRO Ana Paula Zerbinati IR and Capital Market Head 1Q26 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". English presentation: will be available in chat English presentation: will be available in chat Tradução simultânea / Simultaneous T ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission f ...

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]

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 September 3, 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 offi ...

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]

Financial Performance (9M25) - Net revenue reached R$870.5 million[13], a 57% increase compared to the previous year[26] - Adjusted EBITDA was R$195.3 million[13], with an adjusted EBITDA margin of 22%[26] - Net income amounted to R$76.7 million[13], a significant turnaround from the previous year's net loss[26] Production and Sales (24/25 Harvest) - Soybean production is estimated at 251,788 tons[19], but projected to be 216,111 tons[19], a 14% decrease[19] - Corn production is estimated at 42,033 tons[19], and projected to be 47,527 tons[19], a 13% increase[19] - Cotton production is estimated at 31,170 tons[19], but projected to be 20,553 tons[19], a 34% decrease[19] Commodity and Input Prices - Soybean prices decreased by 2% from June 2024 to April 2025[15] - Corn prices increased by 31% from June 2024 to April 2025[15] - Cattle raising prices increased by 46% from June 2024 to April 2025[15] - The price of KCL fertilizer for the 25/26 harvest is projected at USD 635 per ton[17], a 24% increase compared to Mar-24[17] Hedging - 20% of the 24/25 soybean harvest and 22% of the 25/26 harvest are hedged for commodity prices[25] - 72% of the 24/25 corn harvest and 83% of the 25/26 harvest are hedged for commodity prices[25] - 39% of the 24/25 ethanol harvest is hedged for commodity prices[25] - 71% of the 24/25 cotton harvest is hedged for commodity prices and 47% is hedged for exchange rates[25] Indebtedness - Total indebtedness is R$884.98 million[36], a 30% increase compared to June 30, 2024[36] - Adjusted net debt is R$779.403 million[36], a 65% increase compared to June 30, 2024[36]

Company Information [Form 6-K Filing Details](index=1&type=section&id=Form%206-K%20Filing%20Details) BrasilAgro filed a Form 6-K report on May 7, 2025, announcing consolidated results for 3Q25 and 9M25 - BrasilAgro filed a Form 6-K report on May 7, 2025, for its consolidated results for **3Q25 and 9M25**[1](index=1&type=chunk)[3](index=3&type=chunk) - The consolidated information is prepared in accordance with the **International Financial Reporting Standards (IFRS)**[3](index=3&type=chunk) Highlights of the Period [Key Financial Highlights](index=3&type=section&id=Key%20Financial%20Highlights) BrasilAgro achieved significant financial growth in 3Q25 and 9M25, marked by substantial increases in Net Revenue and Adjusted EBITDA Key Financial Highlights (R$ thousand) | (R$ thousand) | 3Q25 | 3Q24 | Change | 9M25 | 9M24 | Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Revenues from Operations | 170,299 | 121,781 | 40% | 648,709 | 540,762 | 20% | | Net Sales Revenue | 170,299 | 121,781 | 40% | 778,010 | 545,927 | 43% | | Net Revenue | 224,934 | 132,967 | 69% | 870,504 | 553,307 | 57% | | Adj. EBITDA from Operations | (5,089) | 5,609 | n.a | 87,346 | 11,694 | n.a | | Adjusted EBITDA | (5,089) | 5,609 | n.a | 195,279 | 16,418 | n.a | | Net Income | (1,093) | (30,147) | -96% | 76,738 | (5,984) | n.a | - Net Income for 9M25 turned positive to **R$76,738 thousand** from a loss of R$5,984 thousand in 9M24[4](index=4&type=chunk) - Adjusted EBITDA Margin for 9M25 significantly increased to **22%** from 3% in 9M24, a 19 percentage point improvement[4](index=4&type=chunk) [Operational Sales Highlights](index=3&type=section&id=Operational%20Sales%20Highlights) Operational sales revenue grew strongly, driven by soybean and sugarcane, contributing to increased net revenue from agricultural products Net Revenue by Product (R$ thousand) | Net Revenue (R$ thousand) | 3Q25 | 3Q24 | Chg. (%) | 9M25 | 9M24 | Chg. (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total | 170,299 | 121,781 | 40% | 648,709 | 540,762 | 20% | | Soybean | 104,405 | 86,490 | 21% | 267,789 | GOZPAL | 381% | | Sugarcane | 10,683 | (3,799) | n.a | 239,423 | 166,888 | 43% | | Feather Cotton | 37,929 | 26,294 | 44% | 69,462 | 53,391 | 30% | | Cattle Raising | 9,136 | 5,528 | 65% | 18,434 | 25,225 | -21% | Quantity Sold by Product (Ton) | Quantity Sold (Ton) | 3Q25 | 3Q24 | Chg. (%) | 9M25 | 9M24 | Chg. (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total | 69,142 | 54,425 | 27% | 1,545,888 | 1,543,994 | n.a. | | Soybean | 60,545 | 48,047 | 26% | 138,631 | 101,738 | 31% | | Sugarcane | - | - | n.a. | 1,340,673 | 1,305,064 | 5% | | Feather Cotton | 3,917 | 2,891 | 35% | 7,281 | 6,291 | 16% | Hedge Position and Input Acquisitions [Hedge Position](index=3&type=section&id=Hedge%20Position) BrasilAgro maintains hedge positions for key commodities, exchange rates, and farm sale receivables to mitigate market volatility Hedge Position - Commodity (3Q25) | Commodity | % Hedged (3Q25) | Price (3Q25) | | :--- | :--- | :--- | | Soybeans | 68% | 10.90 USD/bu | | Cotton | 44% | 77.39 c/lb | | Corn | 51% | 53.22 R$/sc | | Ethanol | 98% | 2.464 R$/m3 | | Total recoverable sugars | 98% | 1.17 R$/kg ATR | Hedge Position - Exchange (3Q25) | Item | % Hedged (3Q25) | BRL/USD (3Q25) | | :--- | :--- | :--- | | Soybeans | 40% | 5.42 | | Cotton | 27% | 2.48 | | Farm Sale Receivables | 43% | 5.48 | [Status of Input Acquisitions](index=5&type=section&id=Status%20of%20Input%20Acquisitions) The company completed 100% of 2024/25 harvest input acquisitions and commenced acquiring inputs for the 2025/26 harvest Input Acquisition Status (as of Apr/25) | Input | 2024/25 Harvest (Apr/25) | 2025/26 Harvest (Apr/25) | | :--- | :--- | :--- | | Nitrogenous | 100% | - | | Potassium chloride | 100% | 50% | | Phosphates | 100% | 45% | | NPK - Formulated | 100% | 10% | | Defensives | 100% | 10% | Crop Year Projections [Planted Area and Production Projections](index=7&type=section&id=Planted%20Area%20and%20Production%20Projections) 2024/25 planted area is 175,646 hectares; grain and cotton production estimates were revised down due to adverse weather, while sugarcane production is projected to grow Planted Area (ha) - 2024/25 Harvest | Crop | 23/24 Harvest (realized) | 24/25 Harvest (estimated) | Chg. (%) | 24/25 Harvest (projected) | Chg. (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Soybean | 70,612 | 77,545 | 10% | 75,541 | -3% | | Corn - 2nd Crop | 9,425 | 8,914 | -5% | 13,122 | 47% | | Cotton | 4,238 | 7,966 | 88% | 6,420 | -19% | | Ratoon Cane | 24,801 | 26,732 | 8% | 26,226 | -2% | | Total | 171,320 | 178,909 | 4% | 175,646 | -2% | Production by Crop (ton) - 2024/25 Harvest | Crop | 23/24 Harvest (realized) | 24/25 Harvest (estimated) | Chg. (%) | 24/25 Harvest (projected) | Chg. (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Soybean | 200,246 | 251,788 | 26% | 216,111 | -14% | | Corn - 2nd Crop | 48,152 | 54,102 | 12% | 73,237 | 35% | | Cotton | 10,177 | 31,170 | n.a | 20,553 | -34% | | Total (Grains & Cotton) | 300,712 | 403,917 | 34% | 378,879 | -6% | | Sugarcane (Tons harvested) | 2,060,451 | 2,272,136 | 10% | 2,227,677 | -2% | - Cattle raising projects a **7% decrease** in number of heads and a **39% decrease** in meat production for the 24/25 harvest compared to estimated[10](index=10&type=chunk) [Production Cost Projections](index=9&type=section&id=Production%20Cost%20Projections) Production costs per hectare for the 2024/25 harvest show varied changes across crops, with some increases from estimated figures, notably for soybeans and corn Production Cost (R$/ha) -

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]