SLC Agrícola (SLCE3) investor relations material

Executive summary

• 3Q26 revenue fell 13.1% to R$1.81bn as cotton lint and corn shipments declined; gross profit rose 30.2% to R$810.9m, and net income was R$192.4m versus a R$14.5m loss.

• 9M26 revenue was down 0.4% to R$6.26bn; net income rose 5.9% to R$673.6m, while adjusted EBITDA fell 14.4% to R$1.74bn.

• Record 2025/26 soybean and cotton yields supported margins; 2026/27 planted area is forecast at 860,766 ha, up 3.2%.

Financial highlights

• 3Q26 operating income rose 95.6% to R$555.5m; operating margin reached 30.6%, up 17.0 p.p. YoY.

• 3Q26 gross margin expanded 14.9 p.p. to 44.7%; net income was R$192.4m versus a R$14.5m loss in 3Q25.

• 9M26 gross profit rose 14.5% to R$2.70bn and operating income increased 15.8% to R$1.86bn; net income grew 5.9% to R$673.6m.

• Adjusted EBITDA fell 12.8% to R$463.5m in 3Q26 and 14.4% to R$1.74bn in 9M26, mainly on lower invoiced cotton and corn volumes.

• Adjusted free cash flow was positive R$346.1m in 3Q26, down 39.0%; 9M26 outflow was R$1.81bn, while operating cash flow was R$298.4m.

Outlook and guidance

• 2026/27 planted area is forecast at 860,766 ha, up 3.2%; budgeted average production cost is R$7,235/ha, up 2.2%.

• Budgeted 2026/27 yields: soybeans 4,080 kg/ha, second-crop corn 7,957 kg/ha, and cotton lint 2,075 kg/ha for first crop and 2,000 kg/ha for second crop.

• By Nov. 9, soybean planting was 87.6% complete; rainfall was below historical averages but adequately distributed so far, with weather still affecting area and crop prospects.

• 2027 sales forecasts include 112,500 cattle and 76,000 soybean, 6,280 cotton and 4,000 brachiaria seed big bags.

• 93% of 2025/26 cotton and 48% of corn remained to be invoiced; 2026/27 hedging stood at 65.4% of soy, 62.1% of cotton and 6.2% of corn.