SLC Agrícola (SLCE3) investor relations material

Executive summary

• Net revenue reached R$2.18 billion in 2Q26, up 16.8% year-over-year, and R$4.44 billion in 1H26, up 6% YoY, driven by higher sales volumes and improved prices for cotton, soybeans, corn, and cattle.

• Gross profit rose 43.5% to R$941.2 million in 2Q26 and 8.8% to R$1.9 billion in 1H26, mainly due to strong performance in cotton and soybeans.

• Net income for 2Q26 was R$245.1 million, a 75.3% increase YoY, while 1H26 net income was R$481.2 million, down 26% YoY.

• Adjusted EBITDA for 2Q26 was R$580.6 million (+4.3% YoY), and R$1.28 billion for 1H26 (-15% YoY), with margins pressured by weaker soybean and cottonseed results.

• Operational scale expanded with a 13.1% increase in planted area to 832.6 thousand hectares, supported by acquisitions and new cotton gin capacity.

Financial highlights

• Net revenue: R$4.44 billion in 1H26 (+6% YoY); gross profit: R$1.9 billion (+8.8% YoY); net income: R$481.2 million (-26% YoY).

• Adjusted EBITDA: R$1.28 billion in 1H26 (-15% YoY); margin: 28.7%.

• Adjusted net debt: R$7.54 billion; leverage at 3.09x adjusted EBITDA; 78% of debt is long-term.

• Free cash flow for 2Q26 was negative at R$805.3 million, reflecting higher working capital needs and investments.

• Net asset value at end of June 2026: R$27.12 per share; land portfolio valued at R$13.5 billion, up 8.4% over five years.

Outlook and guidance

• Record yields forecasted for soybean (4,146 kg/ha, +4.7% YoY) and cotton in 2025/26; corn yields resilient despite weather challenges.

• High hedge coverage for 2025/26: 90.2% soybeans, 94.7% cotton, 54.1% corn; for 2026/27: 49.2% soybeans, 55% cotton.

• Fertilizer and crop protection purchases for 2026/27 largely secured; ongoing investments in irrigation and industrial capacity.

• Expecting improved margins in 2027, supported by operational efficiency and favorable market conditions.

• No major CapEx planned for 2027 except for irrigation and essential crop inputs.