APTI4 Siderurgica JL Aliperti

Siderurgica JL Aliperti is a Brazilian corporation (sociedade anônima) founded on January 2, 1924, as 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 steelmaking industry but underwent significant changes in its operational profile, culminating in the shutdown of its industrial operations. The company has shares traded on B3 under the tickers APTI3 and APTI4 and has been registered with the Brazilian Securities and Exchange Commission (CVM) since 1986 as a publicly held company with dispersed shareholding among investors in the Brazilian capital market.

Despite its name referring to steelmaking, Siderurgica JL Aliperti’s current activities focus on forestry, the import and export of general products, equity interests in other companies, the 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 rental 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 asset holding company, directing efforts toward managing its subsidiaries and monetizing real estate assets, while also assessing potential new business segments for investment.

The business group organized around Siderurgica JL Aliperti includes subsidiaries with distinct operating profiles. Agroeldorado Agricultura e Pecuária Ltda. carries out 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 behalf or for third parties, operating as a vehicle for real estate businesses. Eldorado Box Locação de Espaço Ltda., commercially known as Box Extra, operates in the rental of self-storage units and offices in a coworking model, offering temporary storage space 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 operating activities halted or 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, the group’s rural areas are leased to Suzano S.A., which plants eucalyptus for pulp production, and is responsible for cutting and transporting the wood 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, placing the group in a niche of urban services associated with the need for storage and flexible use of corporate spaces.

The group’s client 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 relate to sugarcane production under partnership and to land leasing for eucalyptus, exposing the group to the cycles of the sugar-energy agribusiness and the pulp industry. In the self-storage and coworking businesses run by Eldorado Box, there are no individual clients 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 office space.

Geographically, Siderurgica JL Aliperti and its subsidiaries focus their activities in Brazil, with no revenue generated abroad. Operations are distributed mainly in the state of São Paulo, where the company’s headquarters is located and where Agroeldorado has an area for pine resin extraction in the municipality of Sarapuí, in addition to Box Extra’s presence in the urban self-storage and coworking segment. Minas Gerais is home to sugarcane crops under partnership with Usina Uberaba in the Triângulo Mineiro region, while Mato Grosso do Sul is relevant for land leasing used by Suzano for eucalyptus planting. 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-use activities. Agroeldorado’s operations and those of S/A Agro Industrial Eldorado, even though the latter is inactive, are affected by agrarian and environmental laws governing land use, preservation of native areas and forest management. The rural areas are subject to oversight by agencies such as INCRA, IBAMA and state environmental authorities, and the company states that it maintains environmental licenses and registrations in good standing. At RMCA, responsibility for government authorizations 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 rental. 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.

With regard to environmental, social and corporate governance aspects, Siderurgica JL Aliperti does not publish a specific ESG report nor has it yet adopted 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 halted, although it states that it seeks to comply with applicable social, environmental and governance laws. In the group’s agricultural operations, there is an emphasis on obtaining licenses and authorizations from the relevant environmental agencies, with land-use regularization and compliance with current regulations. Any expansion into new business segments or resumption of more natural-resource-intensive activities is likely to require greater 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 tied to 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 holding and asset management company that has consolidated part of its operations around agricultural partnership contracts 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.