BrasilAgro – Companhia Brasileira de Propriedades Agrícolas is a Brazilian corporation founded on September 23, 2005, focused on investment and operations in agribusiness. Since its initial public offering in April 2006, when it began trading on B3 under the ticker AGRO3, the company has structured a business model that combines large-scale agricultural and livestock production with active management of a portfolio of farmland. Over its history, it has acquired and developed properties in different regions of Brazil and in neighboring countries, going through successive cycles of transformation, productive use, and sale of these rural assets.

BrasilAgro’s business model is based on two main economic drivers: the real estate appreciation of its farms and the operating results from agricultural and livestock production. The company focuses on acquiring rural properties with development potential, implementing infrastructure, technology, and intensive farming systems, and later selling all or part of these areas, capturing capital gains. In parallel, it directly operates in the production of grains, sugarcane, cotton, and cattle, as well as leasing part of its areas. AGRO3 shares on B3 represent an interest in a business that combines characteristics of rural real estate play with recurring agricultural activity, with strong exposure to the agricultural commodities cycle and the land market.

As of June 30, 2025, BrasilAgro’s portfolio totaled 252,796 hectares of total area, of which 188,727 hectares correspond to usable production area, distributed across properties located in Mato Grosso, Minas Gerais, Maranhão, Bahia, Piauí, and São Paulo, in addition to assets in Paraguay and Bolivia. Since the beginning of its operations, the company has acquired 18 properties in seven Brazilian states and the two neighboring countries, totaling more than 320,000 hectares, and over time has sold several farms in whole or in part, recycling capital and adjusting the portfolio composition. The strategy also includes lease agreements, both as lessee – to expand its cultivated base with lower need for fixed capital – and as lessor, monetizing areas at different stages of agricultural development.

From an operating standpoint, BrasilAgro is active in multiple production segments. In grains, it focuses especially on soybeans, corn, and beans, with planting mainly between September and December and harvesting through May, using crop rotation and second-crop practices to increase area productivity. In sugarcane, it cultivates thousands of hectares on different properties in Brazil and Bolivia, with an annual cutting cycle and an average useful life of sugarcane fields of about seven years, supplying raw material to partner sugar and ethanol mills. In cotton, it allocates significant areas in the Center-West region, with harvest generally between June and August and ginning carried out by third parties. Cattle ranching is used as a diversification component and a hedge against climate risk, with breeding in Bahia and pasture- and feedlot-based finishing in Paraguay, taking advantage of soil and climate conditions favorable to pastures.

The company’s revenue generation is diversified between the sale of agricultural products and real estate activity. In the fiscal year ended June 30, 2025, net revenue totaled approximately R$ 1.23 billion, composed mainly of sales of grains, sugarcane, cotton, cattle, leases, other operating revenues, and gains from farm sales. Grains accounted for about half of net operating revenue, while sugarcane represented slightly more than one third, with smaller contributions from cotton, cattle, and leases. Farm sales and changes in the fair value of biological assets also made a relevant contribution to results, reinforcing the company’s hybrid nature as both an agricultural business and land asset manager. The customer base is concentrated in large trading houses and agribusiness companies, with three customers each accounting for more than 10% of consolidated revenue in 2025, especially in the sugarcane and grains/cotton segments.

Geographically, BrasilAgro structures its portfolio to dilute climate and market risks across regions and countries. In Brazil, its farms are distributed across different biomes and agricultural production zones, which allows it to stagger planting and harvesting periods and take advantage of different climate and logistics windows. In Paraguay, it operates a large property focused on grain and pasture production, with a cattle finishing system that benefits from local soil quality and forage. In Bolivia, it operates grain and sugarcane areas, with sugarcane supply contracts with local mills. Sales of agricultural production are directed to customers located in Brazil, Paraguay, and Bolivia, with a significant share of soybeans, corn, and cotton destined for export through global trading companies, while part of the corn, cottonseed, and other byproducts serves industry and livestock in the domestic market.

Distribution of production is based essentially on road transportation, with intensive use of contracted logistics service providers. For soybeans and corn, most operations are carried out under FOB terms, in which trading companies are responsible for pickup at farms or warehouses, although the company also operates under CIF terms in certain contracts. In the sugarcane segment, BrasilAgro maintains long-term supply and rural partnership agreements with mills such as Brenco and Agro Serra, under which it delivers 100% of the production of certain farms, in arrangements that ensure regular off-take of the harvest. In Bolivia, there are supply contracts with local sugar and ethanol mills, without minimum volume commitments, which provides production flexibility. In cotton, lint is mostly exported via trading companies, while cottonseed is sold for crushing or directly to cattle operations.

In regulatory and sustainability terms, BrasilAgro is subject to extensive Brazilian environmental legislation at the federal, state, and municipal levels, especially regarding licensing, use of water resources, erosion control, waste management, and maintenance of conservation areas. The company maintains legal reserves and permanent preservation areas in compliance with the Forest Code, with registrations in the Rural Environmental Registry (Cadastro Ambiental Rural) and programs to restore degraded areas when necessary. It also monitors surface and groundwater withdrawals, respecting water rights limits and conducting water quality analyses for human consumption. In Paraguay and Bolivia, it follows similar local requirements for environmental licenses and conditions, preserving legal reserves where applicable. The adoption of corporate governance practices aligned with B3’s Novo Mercado and the listing of ADRs on the NYSE demonstrate a corporate structure aimed at transparency, alignment with shareholders, and professional management of environmental and operational risks in agribusiness.

BrasilAgro’s governance structure reflects its presence in capital markets in Brazil and abroad. The company was the first agricultural producer to go public on B3’s Novo Mercado and also the first Brazilian agribusiness company to list ADRs on the New York Stock Exchange, which imposed high standards for disclosure, internal controls, and compliance. Since the IPO, the share capital has undergone several increases through share offerings and the exercise of warrants, leading to dilution and the entry of new institutional investors. The board of directors and executive management are responsible for capital allocation decisions among land acquisitions, productivity investments, farm sales, and expansion through partnerships and leases, seeking to balance agricultural operating returns, real estate appreciation, and the management of risks associated with climate, commodity prices, exchange rates, and the farmland market.