SLC Agrícola (SLCE3) investor relations material

Business overview and operations

• Operates large-scale farms in eight Brazilian Cerrado states, producing cotton, soybean, corn, seeds, and cattle, with both owned and leased land, and a diversified customer base including trading, food, and textile industries.

• Portfolio includes 26 farms with 832.6k ha planted for the 2025/26 crop year, with only 3.5% irrigated, and a strategic distribution to mitigate climatic risks.

• Crop portfolio is diversified: 51% soybean, 23% cotton, 19% corn, and 7% other crops by planted area for 2025/26.

Market environment and crop outlook

• Soybean prices for 2026/27 are forecasted between $12.85–$13.59/bu, with global supply and demand nearly balanced.

• Corn prices range from $5.12–$5.56/bu for 2026/27, with a slight decrease in US planted area and yield.

• Cotton prices expected at 84.48–88.38 US¢/lb for 2026/27, with increased US planted area but lower yield.

• Biofuel demand continues to drive soybean and corn markets, with Brazil and the US as key players.

• Weather forecasts indicate persistent El Niño conditions, impacting precipitation and crop planning.

Growth, M&A, and capital allocation

• Planted area is forecasted to grow 13.1% in 2025/26, with significant increases in soybean, cotton, and corn areas.

• Recent acquisitions include an 8.9k ha block in Mato Grosso for R$669M and a strategic association with FIPS for irrigation and land monetization.

• Major irrigation projects underway, increasing irrigated area by 69.1% and enhancing operational resilience.

• Asset-light strategy: 63% of planted area in 2025/26 comes from leasing and joint ventures.

• Capital allocation focuses on mature area growth, dividends, share buybacks, and new projects.