We disclose our annual results through the Management Report, prepared with contributions from our key internal teams. The document shows how the integration of our strategy, governance, and financial discipline operated to deliver sustainable results for the Company. The Report reinforces our commitment to transparency by bringing together our main financial indicators, as well as investments in technology and sustainable practices that strengthen our business.
We are part of the SLC Group, which in 2025 celebrated 80 years of a journey to which we have contributed through leadership, innovation, efficiency, and ESG practices in agribusiness. Our operations are built on scale, standardization, and crop rotation, which support productivity gains, sustainable soil management, and the mitigation of climate and operational risks.
735,900 hectares cultivated, an increase of 11.3%.Record-high corn yield.Acquisition of Sierentz, which operates 100% on leased land.Purchase of 39,900 hectares of Paladino Farm and 7,800 hectares of Pamplona Farm.Acquisition of 47.8% of SLC-MIT's capital stock, increasing our stake to 100%.Partnership with Private Equity Investment Funds (FIPs) managed by BTG for projects involving irrigation systems, infrastructure, acquisition and leasing of agricultural land, and execution of rural partnership agreements.
Year marked by price stability, with Brazil gaining relevance as a global supplier.
| (R$ THOUSANDS) | 2024 | 2025 | YoY |
|---|---|---|---|
| Net revenue | 6,915,764 | 8,553,147 | 23.7% |
| Cotton lint | 3,568,362 | 3,344,618 | -6.3% |
| Cottonseed | 281,169 | 386,901 | 37.6% |
| Soybeans | 1,848,303 | 2,749,065 | 48.7% |
| Corn | 523,883 | 1,035,234 | 97.6% |
| Cattle herd | 202,280 | 383,851 | 89.8% |
| Seeds | 286,840 | 296,096 | 3.2% |
| Other | 90,072 | 129,120 | 43.4% |
| Hedge result | 114,855 | 228,262 | 98.7% |
In 2025, we invested 58.2% more than in 2024, allocating R$1.7 billion primarily to land acquisition, soil correction, and grain processing facilities.
We continue to invest strategically in irrigation systems, allocating R$83.4 million during the year to mitigate climate-related risks and enable two harvests per crop year, thereby expanding the economic and financial potential of our operations.
We closed 2025 with adjusted net debt of R$5.2 billion, an increase of R$1.6 billion compared with 2024, driven by disbursements related to crop financing, the payment of dividends for fiscal years 2024 and 2025, and the strategic investments made during the period.
In the fourth quarter of the year, we received R$913.8 million related to the FIPs managed by BTG, which strengthened our liquidity position and reduced our leverage.
The average interest rate on the Company's debt decreased compared to the 9/30/2025 position, reflecting active and efficient management of the debt profile.
R$400 million paid, with a dividend yield of 5.6%.Payout higher than historical levels, reaching 76% of adjusted net income.We distributed a total of R$400 million in 2025 (R$380 million in dividends and R$20 million in interest on equity), representing a dividend yield of 5.6%. As a result, our payout exceeded historical averages, reaching 76% of adjusted net income in 2025, well above the average recorded over the last five years.
Achieve carbon neutrality in scopes 1 and 2 by 2030
Obtain certification for farms
Provide educational incentives for all our employees
Ensure a safe workplace for everyone
Provide structure and support for local communities
Expand the circular economy on farms
Use biological crop protection products
Eliminate deforestation| Localized pesticide application | Cover crops1 | No-till, minimum tillage and reduced tillage (1st crop physical planted area) | Biological crop protection products | |
|---|---|---|---|---|
| 2022/23 Crop Year | R$82 million saved | 211,884 ha | 93% of the physical planted area | 3,681,989 ha |
| 2023/24 Crop Year | R$86 million saved | 220,939 ha | 96% of the physical planted area | 5,164,086 ha |
| 2024/25 Crop Year | R$58 million saved | 249,246 ha | 94% of the physical planted area | 5,323,978 ha |
| Change 2024/25 vs. 2023/24 crop years | −32.6% | 12.8% | −2 p.p. | 3.1% |
