Spreadsheets, Modeling and Financial Indicators

In this section, we provide financial spreadsheets and projection models developed to support the analysis of SLC Agrícola’s results. The files offer modeling tools, historical data, and financial and operational indicators that enable simulations and allow users to monitor the Company's performance.

(R$ million)	2020	2021	2022	2023	2024
Net Income ⁽¹⁾	511	1.131	1.337	938	482
Net Land Appreciation ⁽²⁾	216	2,626	2,203	1,433	601
Subtotal	727	3,757	3,539	2,371	1,083
Shareholders’ Equity ⁽³⁾	5,192	8,443	11,765	13,544	12,907
Return	14.0%	44.5%	30.1%	17.5%	8.4%

⁽¹⁾Even in periods that include net results from land sales, this analysis considers only the profit from the “agricultural operation,” since gains from land appreciation are included in a separate line item.
⁽²⁾Based on an independent appraisal (Deloitte), updated in 2024; net-of-tax values adjusted for SLC LandCo’s ownership structure (until 2023).
⁽³⁾Adjusted by land appreciation.

(R$ million)	2020	2021	2022	2023	2024
Operating Result⁽¹⁾	780	1.913	2,505	1,935	1,513
Adjusted IR	(203)	(528)	(658)	(452)	(96)
Adjusted Operating Result	577	1,385	1,847	1,483	1,417
Net Land Appreciation⁽²⁾	216	2,626	2,203	1,433	601
Operating Result w/ Land	793	4,011	4,050	2,916	2,018

Invested Capital	5,900	10,836	14,103	16,418	16,581
Gross Debt (ST e LT)⁽⁴⁾	2,313	2,534	3,574	4,488	5,655
Cash	1,605	140	1,237	1,615	1,981
Net Debt	708	2,393	2,338	2,874	3,674
Shareholders’ Equity⁽³⁾	5,192	8,443	11,765	13,544	12,907
Return on Invested Capital	13.4%	37.0%	28.7%	17.8%	12.2%

⁽¹⁾Even in periods that include operating results arising from land sales, this analysis considers only the result from the “agricultural operation,” since the gains from land appreciation are included in a specific line item.
⁽²⁾Based on an independent appraisal (Deloitte), updated in 2024; net-of-tax values and adjusted for SLC LandCo’s ownership structure (until 2023).
⁽³⁾Adjusted by land appreciation.
⁽⁴⁾ Gross debt adjusted for gains and losses on derivatives.

NAV – Base date 09/30/2025

(R$ million)	3Q25
SLC Agrícola Farms (1)	12,495
Tax Loss Credit (2)	306
Infrastructure	3,552
Accounts Receivable	374
Inventories	5,104
Ativos Biológicos	761
Cash and Financial Investments	1,652
Subtotal	24,243
Suppliers	1,463
Accounts Payable	668
Gross Debt adjusted by the result of derivative transactions	7,639
Customer Advances	619
Subtotal	10,389
Net Asset Value	13,854
Net Asset Value per Share	31.3

⁽¹⁾Based on an independent valuation report (Deloitte, 2025), net of taxes.

⁽²⁾Tax loss carryforward related to the wholly owned subsidiary SLC Centro-Oeste. All accounts are adjusted according to our ownership interest in the subsidiaries/joint ventures.

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