APTI4

Siderurgica JL Aliperti is a Brazilian joint-stock company founded on January 2, 1924, the successor to the company J. L. Aliperti Irmãos & Cia Ltda., whose articles of incorporation were filed with the Board of Trade of the State of São Paulo in 1944. Over the course of its history, the company originated in the steel industry but underwent significant changes in its operating profile, culminating in the shutdown of its industrial operations. The company’s shares are traded on B3 under the tickers APTI3 and APTI4, and it has been registered with the Brazilian Securities and Exchange Commission (CVM) since 1986 as a publicly held company with widely held capital among investors in the Brazilian capital market.

Despite its name referring to steelmaking, Siderurgica JL Aliperti’s current activities focus on forestry, import and export of products in general, equity interests in other companies, management of its own assets, agricultural activities, and land leasing or participation in rural partnerships. At present, the company’s industrial operations are halted, and the main source of revenue at the parent-company level is the leasing of its facilities, consisting of warehouses and yards at its physical base in the Água Funda district in São Paulo (SP). The company therefore operates as an operating and holding company, directing efforts toward managing its subsidiaries and monetizing real estate assets, while also evaluating potential new business segments for investment.

The corporate group organized around Siderurgica JL Aliperti includes subsidiaries with distinct business profiles. Agroeldorado Agricultura e Pecuária Ltda. conducts agricultural activities in the states of São Paulo, Minas Gerais, and Mato Grosso do Sul, combining pine resin extraction, sugarcane cultivation under partnership arrangements, and leasing of land for eucalyptus plantations aimed at pulp production. RMCA Incorporação e Planejamento Ltda. is engaged in the management, development, and sale of real estate, on its own account or on behalf of third parties, operating as a vehicle for real estate ventures. Eldorado Box Locação de Espaço Ltda., commercially known as Box Extra, operates in the rental of self-storage units and coworking offices, offering temporary storage spaces and shared workstations. Other companies linked to the group, such as S/A Agro Industrial Eldorado, Guardamax Armazéns Gerais Ltda., and Eldorado Comércio e Ferro e Aço Ltda., currently have their operations halted or are inactive.

Siderurgica JL Aliperti’s relevant operating segments are therefore distributed among agribusiness, real estate development, and space rental services. Agroeldorado maintains a partnership with Usina Uberaba, in Minas Gerais, for sugarcane production, under which the mill is responsible for harvesting and industrial processing. In Mato Grosso do Sul, rural areas owned by the group are leased to Suzano S.A., which carries out eucalyptus planting for pulp production and is responsible for cutting and transporting the timber to its industrial facilities. In the real estate field, RMCA acts as a developer and manager of projects, using independent or affiliated brokers to sell units. Box Extra, in turn, provides self-storage and coworking services with its own sales and management team, positioning the group in a niche of urban services associated with the need for storage and flexible use of corporate spaces.

The group’s customer base shows a significant concentration in the agricultural segment. Agroeldorado’s revenues derive mainly from its relationships with Usina Uberaba S.A. and Suzano S.A., which are key counterparties to its operations, with approximate amounts of R$ 35.2 million and R$ 8.3 million, respectively. These contracts are tied to sugarcane production under partnership agreements and land leasing for eucalyptus, reflecting the group’s exposure to the cycles of the sugar-energy agroindustry and the pulp industry. In the self-storage and coworking businesses run by Eldorado Box, there are no individual customers accounting for more than 10% of revenue, which suggests a more diversified base associated with smaller individuals and legal entities interested in temporary storage and the use of shared offices.

Geographically, Siderurgica JL Aliperti and its subsidiaries concentrate their activities in Brazil, with no revenue generated abroad. Operations are mainly distributed in the state of São Paulo, where the company’s headquarters are located and where Agroeldorado maintains an area for pine resin extraction in the municipality of Sarapuí, in addition to Box Extra’s activities in the urban self-storage and coworking segment. Minas Gerais hosts sugarcane crops under partnership with Usina Uberaba, in the Triângulo Mineiro region, while Mato Grosso do Sul is relevant for land leasing used for eucalyptus plantations by Suzano. All of the group’s consolidated revenue is obtained in its home country, with no direct exposure to foreign regulations or markets.

On the regulatory front, the group is subject to a set of rules mainly related to agricultural and land activities. Agroeldorado’s and S/A Agro Industrial Eldorado’s operations, even though the latter is inactive, are affected by agrarian and environmental legislation governing land use, preservation of native areas, and forest management. The rural areas are subject to inspections by agencies such as INCRA, IBAMA, and state environmental entities, and the company states that it keeps its environmental licenses and registrations in good standing. At RMCA, responsibility for government permits in real estate projects lies with the construction companies associated with each development, while at Box Extra there is no mention of specific regulatory effects beyond the legislation applicable to commercial space leasing. There is no material dependence on patents, trademarks, concessions, or franchises for the development of activities, other than the usual environmental and regulatory licenses and authorizations.

Regarding environmental, social, and corporate governance aspects, Siderurgica JL Aliperti does not publish a specific ESG report or, so far, adopt formal reporting frameworks such as materiality matrices, key performance indicators, or international recommendations related to climate change. The company attributes this choice to the fact that its industrial activities are paralyzed, although it states that it seeks to comply with applicable social, environmental, and governance legislation. In the group’s agricultural operations, emphasis is placed on obtaining licenses and authorizations from the relevant environmental authorities, with regularization of land use and compliance with current regulations. Any expansion into new business segments or the resumption of more resource-intensive activities will likely require more robust structuring of ESG disclosure practices, a topic that remains under review by management.

The shares of Siderurgica JL Aliperti, traded on B3 under the tickers APTI3 and APTI4, currently represent a company whose revenue generation is less associated with the steel industry and more linked to a combination of agricultural assets, real estate development, and space rental services. Its corporate profile is that of a company with a holding and asset-management character that has consolidated part of its operations around agricultural partnership agreements and land leasing to large industrial groups, while also exploring alternatives for monetizing urban real estate and seeking new investment opportunities in segments that complement its existing asset base.