Slc Agricola Sa S/Adr

Good morning everyone, welcome to the video conference for the disclosure of the results of the fourth quarter of 2025 of SLC Agrícola. My name is André Vasconcelos, I am the manager of financial planning and relationships with investors. Here with me are our CEO, Aurélio Pavinato, and our CFO and IRO, Ivo Brum. It is a privilege to be with you this morning. We inform you that this video conference is being recorded and will be available on the company's website, where you will find the respective presentation. I highlight that for those who need simultaneous translation, we have this tool available on Zoom, the globe icon, with the interpretation description located in the lower center of the screen. Ao selecioná-lo, escolha o seu idioma de preferência, português ou inglês. Para aqueles que ouvirão a videoconferência em inglês, há a opção de silenciar o áudio original em português, clicando em Multi Original Áudio. For the Q&A, question and answer session, we advise that your questions be sent via the Q&A icon at the bottom of your screen. By default, your names will be announced so that you can ask your question live. At this moment, a request to activate your microphone... We highlight that the information contained in this presentation and any statements that may be made during the videoconference, relating to business perspectives, projections and operational and financial goals of the Agricultural SLC, constitute beliefs and premises of the company's administration, as well as information currently available. Future considerations are not performance guarantees, they involve risks, uncertainties and premises, as they refer to future events and, therefore, depend on circumstances that may or may not occur. Investors should understand that general economic conditions, market conditions and other operational factors can affect the future performance of the agricultural SLC and lead to results that differ materially from those expressed in such future considerations. Now I would like to give the floor to our CEO, Aurélio Pavinato, to begin our presentation. Pavinato, please proceed.

Thank you, André. Good morning everyone. Welcome to the SLC Agricola's video conference. referring to the fourth quarter of 2025, we thank the presence of our shareholders, analysts and other participants. Today we will present the main operational, financial and strategic highlights of the period, which reflect another year of consistent execution of our sustainable growth strategy and value generation. Let's go to slide 4, where we will comment on the cotton market. In the year 2025, the price of cotton entered the period close to US$ 0.65 per pound. reflecting a market environment still under pressure by the global fundamentals of supply and demand. For the 24-25 harvest, the Department of Agriculture of the United States estimates a global consumption of approximately 20 million sows, while global production is projected at about 118.5 million sows. resulting in a slight global deficit. Brazil remains consolidated as the world leader in cotton exports, responding to approximately one-third of global trade, supported by structural gains in productivity, competitiveness and international recognition of fiber quality. In line with this scenario, SLC Agrícola reached a record of historical exports in 2025, with 369 thousand tons exported, the largest exporter in Brazil, demonstrating our strong operational capacity and competitiveness in the global market. For Safra, 25, 26, the expectation of a slight global surplus, which maintains an environment that is still challenging for prices, but with foundations that can evolve according to the recovery of the world economy. In summary, cotton presented a moderate year, with stable foundations and prospects for improvement in the medium term. Let's go to slide 5, please, to talk about soy. In soy, international prices have shown significant fluctuations throughout the year, influenced by the increase in harvest in South America and expectations for the North American crop. In the domestic market, part of this pressure was compensated by positive prizes and by trade. The area planted in Brazil grew approximately 2%, totaling 48.4 million hectares, according to Conab data. the Department of Agriculture of the United States projects a surplus supply of approximately 3 million tons only, one of the lowest positive sales in recent years. The year was positive in terms of volume and exports, although challenging in relation to prices, demanding commercial discipline and focus on operational efficiency. Let's move on to slide 6 to talk about corn. In 2025, the corn market had a different dynamic between internal and external markets, with emphasis on strong domestic demand, driven by the growth of the corn ethanol industry. Despite short-term negative movements, prices found important levels of support in the internal market. In the global scenario, the balance between supply and demand indicated production higher than consumption, at about 11 million tons. Corn presented a year of healthy balance, with less dependence on the external market and increasing relevance of domestic consumption. Let's go to slide 8 to talk about our operational performance in the 24-25 crop. The crop presented consistent operational performance. In soy, we achieved an average productivity of 3,961 kg per hectare. Within our expectation, growth of 21% in relation to kilos of plum per hectare of cotton and 8,304 kilos of corn per hectare, this being the last historical record for the company. I pass the word to colleague Ivo Brun to comment on our financial performance. Ivo, please proceed.

Thank you, Mr. Vinato, good morning everyone. We can move on to slide 10, where we bring some highlights of our results demonstration. The liquid revenue ended the year at R$ 8.6 billion, with a highlight for the volume and revenue record, reflecting the best productivity of the 24-25 harvest compared to the 23-24 harvest, especially for corn. In addition to the valuation of corn prices, cotton prices and cattle and cattle prices. In the period, we registered the adjusted EBITDA of R$ 2.6 billion, with a margin of 31.2%, a liquid profit of R$ 565 million, growth of 17%. The cash generation was negative, at R$ 929 million, which reflects our investment cycle, which totaled R$ 1.3 billion per year. Among them, we can cite R$ 329 million of the last portion of the acquisition of the minority participation of SSLendicum, R$ 362 million for the acquisition of the Paladino farm and another R$ 383 million for the first portion of the acquisition of Cirente Sacro. In addition, in 2025, we will pay R$ 641 million in dividends, R$ 241 million related to the 2024 exercise, and R$ 400 million related to the anticipated payment of dividends and JCP of the 2025 exercise. We can now move on to slide 11, where we present the position of our indebtedness. Even in the face of a robust cycle of investments and a consistent dividend distribution policy, we ended the exercise with a adjusted liquid debt of R$ 5.2 billion, maintaining a controlled leverage in relation between adjusted debt and EBITDA of 1.97 times, which shows the company's financial discipline and solid balance. In slide 12, We have the debt profile, the evolution of the debt profile with 78% of the debt in the long term and an average period of 1,168 days. There was an important evolution when compared to 2024, where there was 69% of the debt in the long term. This movement reinforces the solidity of the balance and increases the ability to finance growth with discipline. In terms of investments made in 2025, in slide 13, we presented the breakdown between maintenance and growth. In the accumulated year, 68% of CAPEX was directed to investments in expansion, totaling R$ 1.2 billion, showing the company's lack of structured growth and increased production capacity. in Minas Gerais, in addition to investments in works, warehouses, machines, agricultural implements and soil correction, which increase efficiency and productivity in the long term. CAPEX maintenance amounts to 32% of the total, adding up to R$ 556 million, reinforcing CLC's agricultural commitment to the preservation of assets, operational continuity and business sustainability. Additionally, there was also an increase of R$ 342 million in the immobilized company due to the acquisition of Silent Agro, which also refers to expansion capex. We can move on to slide 14, where we will present the results of 2025 for the seed product. In 2025, the total volume distributed of seeds reached 61,400,000 big bags, reflecting a growth of 12,000. 12,464 big bags to intercompany operations and 17,238 big bags to internal consumption, evidencing the robustness and diversification of the business model. At Soja Semente, we ended the period practically in line with the goal, 0.6% below the initial estimate and with an expressive growth of 13.8% compared to the previous year. Relevant result considering a more complex and competitive market environment. In seed cotton, the performance was 10.5% below the target, The market is still in the development phase, but it continues as a strategic opportunity in the medium and long term within our portfolio. In line with the growth strategy and greater margin capture, we have advanced consistently in the expansion of direct sales channels to third parties, which was reflected in an increase of 5.7% in the volume earned for this audience. In addition, we strengthen our regional presence and increase participation in the market. Let's move on to slide 15, to talk about the distribution of the controller's liquid profit. The proposal of the administration ratifies the distribution of the controller's adjusted liquid profit. The company has already distributed, in 2025, in advance, R$ 400 million in dividends and interest on its own capital. This distribution corresponds to a dividend yield of 5.6% and a 76% payout. showing the company's commitment to the consistent remuneration of shareholders, even in a year of strong expansion in investments. I return the floor to Pavinato, who will present the prospects for the 2526 and 2627 phases.