JOPA4: quote, dividends and indicators for Josapar

Josapar – Joaquim Oliveira S.A. Participações is a privately held Brazilian company originally from the city of Pelotas, in the state of Rio Grande do Sul, whose history dates back to the “Ao Tira Fogo” warehouse, founded in 1922 by Joaquim Oliveira and his brothers, Portuguese immigrants. The evolution from a small retail business into a diversified corporate group went through stages such as operations in coffee, sugar, glues and fertilizers, as well as the founding of Granja 4 Irmãos S.A. in 1950, dedicated to rice growing and cattle raising. In the 1950s, the group also entered the retail segment through Supermercado Real, the first self-service chain in Rio Grande do Sul, which at one point ranked among the largest supermarket chains in the country. The corporate structure was gradually reorganized and, in the 1970s, consolidated under the name Josapar, with an increasingly strong focus on food, especially rice.

From the 1970s onward, the group directed its strategy toward rice processing and the building of proprietary brands, a milestone symbolized by the creation of Suprarroz in 1973 and the launch of the Tio João rice brand, which would become the company’s main asset in the consumer market. In just over a decade, Suprarroz established itself as one of the largest and most modern rice processing industrial plants in the country, expanding its portfolio to include white rice, parboiled rice, rice oil, rice flour, seeds and fertilizers. In the same diversification strategy, the company entered the beans segment with the Biju brand, later repositioned as Meu Biju, and moved into organomineral fertilizers with the development of Organomineral NPK Nº 1 fertilizer, designed to optimize nutrient use in crops. This trajectory culminated in the consolidation of Josapar as a food manufacturer with a strong presence in the rice segment, complemented by other product categories.

Josapar’s main activities are centered on the processing, industrialization and commercialization of rice, beans, semi-ready grain-based products, powdered foods based on soy protein, olive oils, as well as the manufacture of organomineral fertilizers. The company states that it is one of the largest rice processors in Brazil and highlights that the Tio João brand holds a leading position in the premium white and parboiled rice segment in some Brazilian states, competing actively in all regions of the country. The company does not own farmland and does not operate as a primary producer of rice; its role is in selecting, fostering and providing technical support to partner producers, integrating a chain in which raw material production is heavily concentrated in Rio Grande do Sul. Within its consolidated business structure, Josapar also controls Real Empreendimentos S.A., focused on the commercialization, leasing and management of commercial properties, including shopping center operations, which adds an additional real estate component to its revenue mix.

Josapar’s brand and product portfolio is broad and segmented. The Tio João line covers white, parboiled, whole and organic whole rice, in addition to higher value-added products such as the 7 Grãos, Variedades Mundiais, Cozinha Fácil and Cozinha & Sabor lines, which include specialty rices, semi-ready products, risotto mixes and complete recipes. The brand also includes rice flour and cake and brownie mixes, positioned with a gluten-free appeal. In the beans segment, the company launched Feijão Preto Tio João 100% Grãos Selecionados, initially targeting Brasília and later a supermarket chain in Rio de Janeiro. The Meu Biju brand covers white, parboiled, whole and risotto rice, as well as black, carioca, white and red bean varieties, plus the 8 Grãos Meu Biju line focused on balanced nutrition. In parallel, Josapar owns or uses complementary rice and bean brands such as Tio Mingote, No Ponto, Nikkoh, Beleza, Impacto, Bataclan and Pedrinho, targeted at specific price segments and regions.

Beyond grains, the company has exclusive distribution rights in Brazil for Nova Oliva extra virgin olive oils, including organic versions and limited editions, focused on blends of selected olives and low acidity levels. In the plant-based protein division, Josapar operates the SupraSoy brand, consisting of powdered foods based on isolated soy protein, enriched with vitamins and minerals, and formulated to be gluten-free and lactose-free, as well as the Soy+ powdered drink, also soy-based, in flavored versions. In the agricultural inputs segment, the Organomineral NPK Nº 1 fertilizer unit primarily serves rice producers and the tobacco-growing segment in southern Brazil, forming part of the company’s strategy to support its own suppliers. This diversity is reflected in the revenue mix: white rice and parboiled rice account for the majority share of net revenue, followed by semi-ready products and the soy division, fertilizers, beans, real estate income and other items.

Josapar’s geographic footprint is concentrated within Brazil, with strong ties to irrigated rice-growing regions in Rio Grande do Sul. The company operates six industrial units, two in Pelotas (RS) and others in Itaqui (RS), Jaboatão dos Guararapes (PE) and Cristalina (GO), located to serve both raw material sourcing and processing and distribution logistics. It also has facilities dedicated to the reception, drying and storage of grains in municipalities such as Santa Vitória do Palmar (RS) and Dom Pedrito (RS), positioned in key rice-growing hubs of Rio Grande do Sul. On the commercialization front, the company operates eight distribution centers located in states in the Southeast, Center-West, North and Northeast regions, including cities such as Cajamar and Embu das Artes (SP), Brasília (DF), Contagem (MG), Belém (PA), Simões Filho (BA), Itaguaí (RJ) and Caucaia (CE). Export revenue is less than 10% of gross revenue, although the company does sell rice to markets in North America, Latin America, the Middle East and Africa.

From a regulatory standpoint, Josapar’s main activities are not subject to a specific sectoral regulatory agency regime for operations, beyond the general rules applicable to the food, retail and environmental industries. The company itself indicates that there is no specific state regulation directly tied to its core business model, nor any material impact from foreign regulation, given that foreign sales account for a minor share of revenue. In the commercial sphere, the company highlights that it does not depend on large individual clients, as no single customer has accounted for more than 10% of net revenue in recent fiscal years, which suggests a sales base spread across different retail chains, wholesalers and other distribution channels.

With regard to environmental, social and governance practices, Josapar has not yet disclosed structured ESG information. Despite operating in a chain closely linked to irrigated agriculture and the use of inputs, the company does not present consolidated environmental and social targets or indicators in its public communications. Corporate governance is organized as a publicly traded company with common and preferred shares listed on B3 under the tickers JOPA3 and JOPA4, which implies compliance with transparency requirements and periodic disclosure of information to the Brazilian capital markets. The combination of its long-standing presence in the basic food sector, diversified brands and products, and listing on the stock exchange forms the context in which JOPA3 and JOPA4 shares are followed in the market by investors monitoring the company’s performance in an essential segment of domestic consumption.