Kepler Weber (KEPL3) investor relations material

Executive summary

• 3Q26 revenue fell 18.7% YoY to R$344.2M and EBITDA declined 64.6% to R$26.1M as lower activity, pricing pressure and mix weighed on results.

• Agribusiness grew 38.0% to R$149.9M, partly offsetting weaker Farms and other segments; efficiency actions reduced SG&A 17.2% and net cash was R$27.4M at quarter-end.

Financial highlights

• 9M26 revenue was R$961.3M, down 11.9% YoY; EBITDA was R$85.6M, down 47.9%.

• 3Q26 EBITDA margin was 7.6% versus 17.4% a year earlier; 9M26 margin was 8.9% versus 15.1%.

• 3Q26 net income was R$13.4M, down 74.0% YoY, with a 3.9% margin; 9M26 net income fell 59.7% to R$36.9M.

• 3Q26 gross margin was 17.1% versus 24.9%; COGS rose to 82.9% of revenue from 75.1%, reflecting lower sales prices and mix effects.

• SG&A declined 17.2% YoY in 3Q26 and 7.5% in 9M26, reflecting expense control, resizing and efficiency measures.

Outlook and guidance

• Recovery timing remains uncertain and depends on producer profitability, financing terms, credit availability, confidence and interest-rate developments.

• Q4 Farms performance and sales are expected near prior-year levels; October sales matched October 2025, while management aims to stabilize Farms in 2027.

• Backlog rose 2.6% QoQ and fell 13.8% YoY, mainly reflecting weaker Farms demand; backlog is not a revenue forecast or guarantee of results.

• International rice-price improvement may support producer profitability and investment conditions in 2027; international business is not expected to improve before 2027.