Boa Safra Sementes (SOJA3) investor relations material

Executive summary

• Net operating revenue rose 23% year-over-year to R$125 million in Q2 2026, with LTM revenue up 39% to R$2.6 billion, driven by new crop additions and diversification beyond soybeans.

• Gross profit increased 83% year-over-year to R$70 million, with gross margin expanding from 38% to 56% due to portfolio diversification and efficiency gains.

• Adjusted EBITDA surged 504% year-over-year to R$28 million, turning positive and reflecting operational restructuring and cost control.

• Net income for the quarter was R$3 million, reversing a loss in Q2 2025; LTM net income was R$21 million, down 77% year-over-year due to higher financial costs.

• Order backlog reached a record R$1.8 billion in Q2 2026, up from R$1.2 billion in Q2 2024, with diversification accelerating and new crops/services now 19% of backlog.

Financial highlights

• Gross profit rose from R$38 million to R$70 million year-over-year, with gross margin at 56%.

• Adjusted EBITDA margin improved from 4% to 22% year-over-year.

• Net debt reduced from R$800 million to R$620 million, with a current ratio of 2.9x and cash/investments at R$1.3 billion.

• Operating cash flow was positive at R$204 million in 1H26, reversing a R$303 million outflow in 1H25.

• CapEx focused on asset regularization and maintenance, totaling R$66 million in 1H26.

Outlook and guidance

• Third and fourth quarters are expected to be the strongest due to soybean invoicing and continued growth in new crops.

• Management anticipates further margin recovery and improved profitability as efficiency initiatives take hold.

• Focus for 2H26 is on converting record backlog into cash, maintaining cost discipline and capital allocation.

• Seed inventories and diversified backlog position the company for strong second-half execution.

• Order backlog and diversification are expected to support revenue and margin growth into 2027.