SOJA3: quote, dividends and indicators for Boa Safra Sementes

Boa Safra Sementes S.A. is a Brazilian company specialized in the production, processing, and commercialization of seeds, with a historical focus on soybeans and increasing diversification into other crops. Founded in 2009 by Marino Colpo and Camila Colpo, the company emerged from the partners’ accumulated experience in agribusiness in the Center-West region. Starting from an initial structure focused on soybean seed production, Boa Safra went through a process of operational expansion, management professionalization, and strengthening of corporate governance, which culminated in its transformation into a corporation in 2020 and its IPO in 2021. Since June 2021, its common shares have been traded on B3, in the Novo Mercado segment, under the ticker SOJA3, which enhanced the company’s access to the capital markets and supported an investment cycle in production and logistics capacity.

Boa Safra Sementes’ activities are concentrated in the processing, industrial treatment, and distribution of high-quality seeds for agribusiness. Its business model starts with the acquisition of foundation seeds from genetics companies that own germplasm and intellectual property rights over cultivars, such as TMG, Brasmax, Monsoy, Soytech, and Golden Harvest. These foundation seeds are multiplied by a base of approximately 500 integrated producers, with technical support from the company throughout the entire production cycle. After harvest, Boa Safra conducts extensive quality tests in its own laboratory, including germination, vigor, and health analyses, in addition to validation by a third-party laboratory, purchasing only the batches that exceed internal standards and the minimum requirements established by the Ministry of Agriculture. The company operates with a discretionary purchasing policy for integrated producers’ output, which provides flexibility in inventory management according to demand conditions and crop quality.

Over the years, Boa Safra Sementes has consolidated itself as one of the main sellers of soybean seeds in Brazil, reaching around a 10% market share in 2025, based on CONAB data and planted area, excluding saved seeds. The company structures its operations into three segments: soy (mainly seeds and soybeans), tolling services, and other products, which include crop protection products and seeds from different crops. In 2025, the soy segment accounted for approximately 87.5% of net operating revenue, while “others” reached 10.8% and services accounted for 1.7%. The portfolio, which was practically concentrated in soy in 2020, expanded to six crops in 2025: soybeans, corn, beans, wheat, sorghum, and forages, totaling 173 cultivars and varieties. This expansion allowed for a greater dilution of the typical seasonality of soy, with significant growth in gross revenue from new crops, which increased from R$ 38 million in 2024 to R$ 63 million in 2025.

From an operational standpoint, Boa Safra Sementes has developed a network of industrial and logistics units dedicated to seed processing, cold storage, and distribution. In 2026, the structure comprised 18 units: 12 Seed Processing Units (UBS), 5 Distribution Centers (DCs), and 1 administrative office in Brasília. The UBS units are located in Formosa and Cabeceiras (GO), Buritis, Uberlândia, and Ituiutaba (MG), Jaborandi (BA), Primavera do Leste (MT), Tamarana and Faxinal (PR), and Penápolis (SP), some of them operated by subsidiaries and affiliates such as Bestway Seeds and SBS Green Seeds. The DCs are located in Sorriso, Campo Novo do Parecis, and Ribeirão Cascalheira (MT), Paraíso (TO), and Balsas (MA), supporting logistics in regions with high grain production, such as MATOPIBAPA and the Cerrado. The infrastructure includes cold rooms with more than 120,000 m² of refrigerated warehouses, with storage capacity of around 280,000 big bags of seeds in 2025, in addition to a testing laboratory in Formosa. The contracted area for seed production grew from 227,000 hectares in 2024 to 320,000 hectares in 2025, reflecting the strategy of geographic expansion and scaling up.

Product and sales channel diversification is a core pillar of Boa Safra Sementes’ operations. In seed treatment, the company developed industrial solutions known as TSI (Industrial Seed Treatment), with different levels of protection and added value: TSI Boa Safra Basic, TOP, and Premium. These treatments combine chemical components and, in some cases, biologicals and nematicides, with the goal of controlling initial pests and diseases, increasing vigor and germination rates, and improving crop establishment. On the commercial front, Boa Safra adopts a strategy of dispersing its customer base, focusing on small and medium distributors, reducing revenue concentration, and expanding regional reach. The distributor base served grew from 308 in 2021 to 996 in 2025, boosting market share and sales volume. In 2025, the company sold approximately 215,000 big bags of soybean seeds, compared with 161,000 in 2024, supported by the expansion in capacity and greater penetration in strategic regions.

Boa Safra Sementes also uses subsidiaries, affiliates, and investment structures to complement its business model and diversify revenues. The acquisition of control of Bestway Seeds, in 2022, marked its structured entry into the corn seed and tolling services segment, which is important for expanding its presence in the country’s second-largest crop. In 2024, the company took control of DaSoja Sementes S.A., with a 45% stake, strengthening its distribution channel in the MATOPIBAPA region and expanding its offering of soybean, corn, sorghum, bean, forage, and cover crop mix seeds. In 2025, it established Qualiseed Sementes Ltda., a wholly owned subsidiary focused on soybean seed commercialization in southern Brazil. The company also created the joint venture SBS Green Seeds, with an initial 30% stake, focused on forage seeds for cover crops and pasture formation, aligning itself with the advance of regenerative agriculture. On the financial front, highlights include the structuring of the Suno Agro Fiagro Imobiliário (SNAG11), used for funding via CRA, two own CRA issuances in 2025, and the establishment of the Agroimpulse Private Credit Multimarket Investment Fund, a tool for managing funds and investments in various assets.

Boa Safra Sementes operates within a specific regulatory environment for the seeds and agricultural inputs sector in Brazil. Operations related to the production, processing, analysis, storage, and commercialization of seeds are subject to the National System of Seeds and Seedlings, instituted by Law No. 10,711/2003 and regulated by Decree No. 10,586/2020, under the supervision of the Ministry of Agriculture and Livestock (MAPA) and the competent state agencies. The company depends on registration and accreditation in the National Registry of Seeds and Seedlings (RENASEM) for its activities and is subject to measures such as warnings, fines, product seizure, sales suspension, and shutdown in the event of non-compliance with regulations. The commercialization of crop protection products in the “Others” segment is linked to the New Pesticides Law (Law No. 14,785/2023), which requires registration and shared oversight by MAPA, ANVISA, and IBAMA. Additionally, the company operates with genetically modified cultivars within the framework of the Biosafety Law (Law No. 11,105/2005), with technical approval from CTNBio, and uses cultivars protected by intellectual property rights under the Plant Variety Protection Law (Law No. 9,456/1997), through licensing agreements with rights holders. Its activities also require professional registrations with the Regional Engineering and Agronomy Councils, with agronomists as responsible technical staff and the obtaining of health permits when applicable.

Boa Safra Sementes’ presence in multiple Brazilian states, with units in Goiás, Minas Gerais, Mato Grosso, Bahia, Paraná, São Paulo, Tocantins, Maranhão, in addition to partnership operations in other agricultural hubs, gives it the profile of a company integrated into the dynamics of Brazil’s agribusiness. The combination of a network of integrated producers, processing and cold storage infrastructure, multi-crop portfolio, dispersed sales channels, and financing instruments via the capital markets, together with the trading of its common shares SOJA3 on B3, characterizes a business model geared toward scale, diversification, and management of the risks inherent to agricultural production, such as seasonality, weather, rural credit, and price volatility of inputs and commodities.