Boa Safra Sementes (SOJA3) investor relations material

Executive summary

• Achieved significant expansion with 18 operating units, focusing on high-quality seeds and operational efficiency amid challenging weather and market conditions.

• Net operating income rose 20% year-over-year in 1Q26, reaching R$132.1 million, with gross margin improving to 21% from 0% in 1Q25.

• EBITDA turned positive at R$9.9 million (7% margin), up from a negative R$15.5 million (-14% margin) in 1Q25.

• Order book reached a record R$1.5 billion, driven by soybeans and diversification into other crops.

• Diversification strategy led to 31% growth in non-soy crops and a broader client base, reducing risk and improving resilience.

Financial highlights

• Net Operating Revenue for 1Q26 was R$132 million, up 20% year-over-year; Gross Operating Revenue reached R$143 million, up 17%.

• Gross Profit was R$27 million, reversing a near-zero result in 1Q25; Gross Margin improved to 21%.

• Adjusted EBITDA for the quarter was negative R$25.4 million, a 34% improvement year-over-year.

• Net income (ex-SNAG11) was R$3.7 million, down 36% year-over-year, mainly due to higher financial costs.

• LTM Net Operating Revenue was R$2.6 billion (+40%), and LTM Net Income (ex-SNAG11) was R$15.2 million (-84%).

Outlook and guidance

• Expecting a positive year with higher margins due to seed shortages driving up prices, despite flat or lower volumes.

• Efficiency projects and cost reductions are expected to improve margins and reduce leftovers by year-end.

• Management anticipates a return to historical margin levels and continued growth in diversified crops.

• Production capacity is projected to remain stable at 280,000 big bags in 2026.

• Contracted area is expected to decrease to 80,000 hectares in 2026 from 105,000 in 2025.