APTI4: quote, dividends and indicators for Siderurgica JL Aliperti

Siderúrgica J.L. Aliperti S.A., currently named Aliperti S/A, is a Brazilian publicly held company with shares traded on B3 under the tickers APTI3 and APTI4. Its corporate history dates back to 1924, when it was founded in São Paulo (SP) as the workshop J.L. Aliperti Irmãos & Cia Ltda., initially working on repairing carts and carriages in the Brás neighborhood. Over the following decades, the company diversified its activities, moving into the manufacture of truck springs and later into steel production. In 1932, it opened a plant in the Água Funda district in the city of São Paulo, starting to produce steel shapes and rebar for the construction sector and for export, establishing itself as a relevant player in the Brazilian steel industry for much of the 20th century. Investments in industrial modernization between the 1960s and 1970s reinforced this position, until, in 1998, the industrial complex was leased to Gerdau S.A., marking the company’s gradual exit from steel operations.

After leasing out its industrial facilities, Siderúrgica J.L. Aliperti reoriented its business model. From the 2000s onward, the company began operating mainly as a holding of equity interests, focusing on managing its own real estate assets and on the strategic direction of its subsidiaries. The focus shifted from steel production to activities related to urban and rural real estate, agricultural operations, land leasing, and partnerships in rural activities. In 2025, this structural change was formalized by amending the corporate purpose, definitively removing activities related to steelmaking, and by changing the corporate name to Aliperti S/A, even though the history and the name Siderúrgica J.L. Aliperti remain associated with the company in the stock market and in its APTI3 and APTI4 shares.

Aliperti S/A’s current business model is based on two main fronts: holding equity interests in other companies, as a shareholder or partner, and leasing spaces, especially remaining areas of its former industrial facilities. As a holding company, it directs and monitors the strategy of a group of subsidiaries that operate in complementary segments, but with a strong asset- and real estate-based profile. The main activities carried out by the subsidiaries include management of their own assets, general agricultural and livestock operations, leasing of farmland, and participation in long-term rural partnerships, in addition to initiatives in real estate development and the provision of self-storage and coworking services.

In the agribusiness segment, the main operating investee is Agroeldorado Agricultura e Pecuária Ltda. This subsidiary carries out activities in three Brazilian states, with different land-use models. In the State of São Paulo, in the municipality of Sarapuí, it operates a business focused on pine resin extraction. In Minas Gerais, it is engaged in sugarcane cultivation under a long-term agricultural partnership with Usina Uberaba S.A., with the mill responsible for harvesting and industrial processing of the cane at its facilities. In Mato Grosso do Sul, Agroeldorado owns rural land leased to Suzano S.A., used for eucalyptus cultivation for pulp production, with forest management, logging, and transport of the wood carried out directly by the lessee. In this arrangement, the company and its subsidiary focus on managing rural assets and long-term contractual revenue, without direct exposure to the industrial operations of these sectors.

In the real estate market, Aliperti S/A operates through RMCA Incorporação e Planejamento Ltda., which is focused on managing, developing, and selling properties, either on its own account or on behalf of third parties. The model adopted favors hiring specialized partners and independent brokers for commercialization, reducing the need for a large in-house operating structure. Another relevant subsidiary is Eldorado Box Locação de Espaços Ltda., which offers storage units under the self-storage model and offices under the coworking model, mainly meeting urban demand for flexible storage and workspaces. In this company, operations are carried out by an in-house sales and management team, combining ownership of the real estate assets with the direct provision of short- and medium-term rental services. Other subsidiaries, such as S/A Agro Industrial Eldorado, Guardamax Armazéns Gerais Ltda., and Eldorado Comércio e Ferro e Aço Ltda., currently have their operating activities suspended, with no product or service sales at this time.

Aliperti S/A’s main source of consolidated revenue comes from its stakes in subsidiaries and from leasing part of its facilities and properties. In agribusiness, revenue is highly concentrated in specific counterparties: Suzano S.A. and Usina Uberaba S.A., which individually account for a significant share, above 10% of the group’s total net revenue, under lease and agricultural partnership contracts. These revenues affect only the agribusiness segment, which encompasses sugarcane operations in Minas Gerais and land leasing for eucalyptus planting in Mato Grosso do Sul. In the self-storage, coworking, and real estate development segments, in turn, revenues are more diversified, arising from multiple lease, service, and unit sales contracts, without significant concentration in individual clients.

Aliperti S/A’s geographic presence is concentrated within Brazil, with all revenues coming from customers located in the country. The company’s headquarters are in the city of São Paulo, in the Água Funda district, where part of its former industrial facilities are still located and have been converted into real estate assets for lease. Rural operations extend into the countryside of São Paulo, the Triângulo Mineiro region in Minas Gerais, and Mato Grosso do Sul, reflecting the strategy of agricultural and forestry use of its properties. There is no revenue from abroad, so the economic and financial performance of the company and its APTI3 and APTI4 shares is directly tied to the dynamics of the domestic agribusiness, forestry, real estate, and storage and coworking services markets.

From a regulatory standpoint, the holding company’s activity does not require specific government authorizations beyond the usual corporate registrations. However, the agricultural operations and rural assets of the subsidiaries are subject to a set of agrarian and environmental rules involving agencies such as INCRA, IBAMA, and state environmental bodies. The rural properties are registered and georeferenced, with the need to comply with legal requirements such as legal reserves and permanent preservation areas, in accordance with the Forest Code. In the development and construction segment, building permits and construction licenses generally fall under the technical responsibility of construction firms contracted by RMCA. The urban operations of Eldorado Box comply with municipal zoning, safety, and business regulations and operating permits typical of commercial activities, without depending on public concessions or special regulatory licenses.

Regarding environmental, social, and governance (ESG) practices, Aliperti S/A does not currently prepare or disclose specific sustainability reports, materiality matrices, or formal ESG performance indicators. Management attributes this decision to the company’s size, its lean corporate structure, and the nature of its business model, which is centered on equity holdings and asset management, without large-scale own industrial operations. Despite not producing greenhouse gas emission inventories or formally adhering to international standards such as TCFD, the company highlights compliance with environmental, labor, and social legislation applicable to its activities and those of its subsidiaries, ensuring that licenses, rural registrations, and permits are in good standing. In this context, governance is oriented toward regulatory compliance and the mitigation of legal risks associated with the ownership and use of rural and urban properties, in line with its current profile as an asset-holding company listed on B3.