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)	2021	2022	2023	2024	2025
Net Income ⁽¹⁾	1.131	1.337	938	482	565
Net Land Appreciation ⁽²⁾	2,626	2,203	1,433	601	588
Subtotal	3,757	3,539	2,371	1,083	1,153
Shareholders’ Equity ⁽³⁾	8,443	11,765	13,544	12,907	15,45
Return	44.5%	30.1%	17.5%	8.4%	7.7%

⁽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)	2021	2022	2023	2024	2025
Operating Result⁽¹⁾	1.913	2,505	1,935	1,513	1,813
Adjusted IR	(528)	(658)	(452)	(96)	(377)
Adjusted Operating Result	1,385	1,847	1,483	1,417	1,435
Net Land Appreciation⁽²⁾	2,626	2,203	1,433	601	588
Operating Result w/ Land	4,011	4,050	2,916	2,018	2,023

Invested Capital	10,836	14,103	16,418	16,581	20,289
Gross Debt (ST e LT)⁽⁴⁾	2,534	3,574	4,488	5,655	7,893
Cash	140	1,237	1,615	1,981	2,649
Net Debt	2,393	2,338	2,874	3,674	5,244
Shareholders’ Equity⁽³⁾	8,443	11,765	13,544	12,907	15,045
Return on Invested Capital	37.0%	28.7%	17.8%	12.2%	10.0%

⁽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 12/30/2025

(R$ million)	4Q25
SLC Agrícola Farms ⁽¹⁾	11,537
Tax Loss Credit ⁽²⁾	300
Infrastructure	3,538
Accounts Receivable	440
Inventories	3,666
Ativos Biológicos	2,243
Cash and Financial Investments	2,354
Subtotal	24,077
Suppliers	1,935
Accounts Payable	738
Gross Debt adjusted by the result of derivative transactions	7,588
Customer Advances	536
Subtotal	10,797
Net Asset Value	13,280
Net Asset Value per Share⁽³⁾	26.6

⁽¹⁾Based on an independent appraisal report (Deloitte, 2025), net of taxes.
⁽²⁾ Tax loss carryforwards related to the wholly owned subsidiary – SLC Centro-Oeste.
⁽³⁾ Net asset value per share: considers the stock bonus issue at a ratio of 12.5%, approved at the Extraordinary General Meeting held on December 30, 2025.
*All figures are adjusted for the Company’s ownership interest in subsidiaries and joint ventures.

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