São Martinho (SMTO3) investor relations material

Executive summary

• Achieved strong revenue and EBITDA growth, with 4Q26 Adjusted EBITDA up 41.9% to BRL 1.09 billion and margin near 49%, driven by higher sales volumes, improved efficiency, and robust corn ethanol results.

• Processed 21.9 million metric tons of sugarcane and 521,000 metric tons of corn, producing 3.045 million metric tons of TRS despite climate and price volatility.

• Strategic investments included the acquisition of Santa Elisa's sugarcane fields and expansion in corn ethanol and biomethane, enhancing operational leverage and diversification.

• Maintained low debt levels and improved equity position, ending the year ready for a challenging price environment.

• Recognized for workplace safety and innovation, with certifications such as Great Place to Work.

Financial highlights

• Net revenue for 4Q26 was BRL 2.24 billion, up 29% year-over-year; full-year net revenue was BRL 7.44 billion, up 3.3%.

• Adjusted EBITDA for 4Q26 was BRL 1.09 billion (+41.9% YoY), margin 48.8%; full-year Adjusted EBITDA was BRL 3.5 billion (+1.7% YoY), margin 47.1%.

• Net income for 4Q26 was BRL 172.9 million (+64.6% YoY); full-year net income was BRL 836.2 million (+50.2% YoY).

• Cash COGS for the year decreased 2.9% to BRL 3.39 billion, reflecting improved efficiency and higher own-harvested cane.

• ROIC for the year was 11.7% (with land) and 12.7% (without land).

Outlook and guidance

• Sugarcane crushing projected at 23.65 million metric tons (+7.9%), with TRS production of 3.37 million metric tons (+10.7%) for 2026/27, driven by favorable weather and expanded area.

• Corn processing volume expected to decrease 5% to 495,000 metric tons due to plant interconnection and maintenance, but efficiency gains targeted.

• Total Capex guidance for 2026/27 is BRL 2.95 billion (+5.1%), reflecting modernization, acreage growth, and inflation.

• No new buyback program planned; capital allocation focused on corn ethanol asset in Goiás.

• Maintenance CapEx guidance set at BRL 2 billion, reflecting acreage growth and inflation.