Boa Safra Sementes (SOJA3) investor relations material

Executive summary

• Net operating revenue grew 20% year-over-year to R$132 million in 1Q26, driven by diversification beyond soybeans, operational discipline, and expansion of service offerings.

• Gross profit reached R$27 million, reversing a near-zero result in 1Q25, with gross margin expanding to 21%.

• EBITDA turned positive at R$9.9 million (7% margin), up from a negative R$15.5 million (-14% margin) in 1Q25.

• Net income (ex-SNAG11) was R$3.7 million, down 36% year-over-year, mainly due to higher financial costs.

• The order backlog reached a record R$1.5 billion, reflecting strong demand and a resilient, diversified portfolio.

Financial highlights

• Gross operating revenue for 1Q26 was R$143 million, up 17% year-over-year, mainly from new business lines.

• LTM net operating revenue reached R$2.6 billion, up 40% year-over-year.

• Adjusted EBITDA for the quarter was negative R$25.4 million, but improved from -R$38.7 million in 1Q25.

• Financial expenses surged 78% to R$79.3 million, mainly from higher interest on loans and CRA charges.

• Capex for 1Q26 was R$13 million gross, with net Capex at R$7.1 million, focused on infrastructure and operational improvements.

Outlook and guidance

• The first quarter is a period of inventory build-up and order book formation, with most annual results concentrated in the second half.

• Management remains confident in the business model, strategy, and operational execution for the 2026/27 crop cycle.

• Efficiency projects and cost reductions are expected to improve margins and reduce leftovers by year-end.

• Production capacity is projected to remain stable at 280,000 big bags in 2026.

• Contracted area is expected to decrease to 80,000 hectares in 2026 from 105,000 in 2025.