Boa Safra Sementes (SOJA3) investor relations material

Executive summary

• Net operating revenue grew 23% year-over-year in Q2 2026 to R$124.7 million, 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 by 18 percentage points to 56%.

• Adjusted EBITDA surged 504% year-over-year to R$28 million, with margin up 18 percentage points to 22%.

• Order backlog reached a record R$1.8 billion (+4% YoY), up from R$1.2 billion in Q2 2024 and R$1.7 billion in Q2 2025, with diversification accelerating and new crops/services now 19% of backlog.

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

Financial highlights

• LTM gross profit grew 25% to R$280.4 million, and LTM adjusted EBITDA increased 4% to R$154 million.

• 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 for the quarter was R$204 million, reversing a R$303 million outflow in 1H25; CapEx focused on maintenance and asset regularization.

• Working capital requirement dropped from R$1.2 billion to R$169 million, reflecting efficiency gains.

• Gross operating revenue for the quarter was R$138 million, down 1.8% year-over-year.

Outlook and guidance

• Expectation of continued growth in new crops and further reduction in soybean dependency, with strong second-half execution supported by record backlog and seed inventories.

• Anticipates stronger invoicing and revenue in Q3 and Q4, aligned with seasonal soybean sales.

• Management targets margin recovery to historical averages, supported by efficiency initiatives and portfolio optimization.