VITT3

Vittia is a Brazilian company founded in 1971 in the city of São Joaquim da Barra, in the countryside of São Paulo state, originally focused on the production of inoculants, also known as biological fertilizers, initially aimed at soybean crops. Over more than five decades, the company has undergone a continuous process of portfolio and industrial structure expansion, incorporating new types of fertilizers and biological solutions for various agricultural crops. In 2016, as part of a repositioning and brand unification move, the former Grupo Biosoja adopted the name Vittia. Vittia’s shares are traded on B3 under the ticker VITT3, the result of an initial public offering carried out in 2021, which marked the exit of the Brasil Sustentabilidade FIP fund, a minority investor since 2014, and consolidated the continuity of the Romanini family in the leadership of the business.

Vittia’s business model is based on an integrated platform of plant nutrition and protection, with a focus on specialty fertilizers and biological crop protection products. The company develops, produces, markets, and distributes agricultural inputs with different formulations and technology levels, covering foliar fertilizers, soil fertilizers based on micronutrients, soil conditioners, organominerals, inoculants, and biological crop protection products. In addition to these items, the company also sells industrial products, raw materials, and intermediates for the fertilizer industry and other sectors, such as animal nutrition. The operation is vertically integrated, including research and development, industrial production, distribution logistics, and technical field support, which allows Vittia to maintain control over the entire value chain of its main product lines.

Historically, Vittia’s growth has combined organic expansion and acquisitions. In 1998, the inauguration of Biosoja Fertilizantes marked its entry into specialty fertilizers, initially foliar fertilizers, enabling access to crops other than soybeans. In 2001, the acquisition of ML Indústrias Químicas added adjuvants and organomineral fertilizers to the portfolio. In 2004, the creation of Granorte represented the entry into soybean microgranules, with the use of industrial waste in fertilizer production. From 2014 onward, inorganic growth intensified with acquisitions such as Samaritá (fertilizers, biological crop protection products, and biological treatment of industrial effluents), Biovalens (biological crop protection products), Vitória Fertilizantes (organominerals, meal-based and pelleted products), JB Biotecnologia (biological crop protection products based on macro-organisms for integrated pest management), and Agro 21 (precision agriculture services using drones to release macrobiological agents). These transactions expanded Vittia’s presence in biologicals and complementary agricultural management solutions.

The business structure is organized into operating segments that reflect the product portfolio. Until the end of 2024, the company reported four segments: Foliar Fertilizers and Industrial Products, Soil Micros, Biological Products, and Soil Conditioners and Organominerals. In 2024, net operating revenue was mainly distributed between Foliar Fertilizers and Industrial Products, with about half of total revenue, and Biological Products, which accounted for a relevant share of revenue and gross margin, followed by Soil Micros and, to a lesser extent, Soil Conditioners and Organominerals. As of 2025, Vittia will begin reporting its results in three new groups: Soil Fertilizers, Foliar Fertilizers and Industrial Products, and Biological and Natural Solutions, seeking to align reporting with sector trends and reinforce the view of an integrated portfolio for plant nutrition and protection.

Vittia’s commercial activities are mainly focused on Brazilian agribusiness, in crops such as soybeans, corn, cotton, coffee, citrus, beans, sugarcane, winter crops, and others. The distribution model combines direct sales to farmers and indirect sales through cooperatives and agricultural resellers, with a presence in practically all Brazilian states and the Federal District. In 2024, net revenue was highly concentrated in the domestic market, with only a marginal fraction coming from foreign customers, reflecting the company’s primary focus on Brazil. Regionally, the Southeast and Center-West accounted for most of the revenue, followed by the Northeast, South, and North, in line with the distribution of the country’s main agricultural frontiers. The customer base is fragmented, with no significant concentration in a single buyer, and the sales force is made up of hundreds of professionals with a technical profile who follow the planting cycle in different regions.

On the production side, Vittia operates a group of industrial plants located mainly in the countryside of São Paulo state and in Minas Gerais, with combined capacity exceeding hundreds of millions of kilograms, liters, or doses per year, covering specialty fertilizers, soil micros, soil conditioners, organominerals, inoculants, and microbiological and macrobiological crop protection products. Among these units, the biological products plant in São Joaquim da Barra, inaugurated in 2020, stands out, as it significantly increased installed capacity for biological crop protection products and inoculants and was designed with the possibility of modular expansion. The company also maintains distribution centers and commercial offices in agricultural hubs such as Sorriso, Luís Eduardo Magalhães, Araguaína, Primavera do Leste, Jataí, Ijuí, and Coimbra, which contributes to service logistics in all producing regions. The supply base is diversified, made up of hundreds of domestic and foreign suppliers, without excessive concentration in a few vendors.

Research, development, and innovation play a central role in Vittia’s strategy. The company’s R&D&I center, located in São Joaquim da Barra, has specialized laboratories and a multidisciplinary team with dozens of professionals dedicated to areas such as bioprospecting, bioprocesses, fertilizer formulation, agronomic development, and macrobiological technologies. The company also has a strain bank with thousands of varieties of fungi and bacteria in the characterization phase, aimed at the development of microbiological inputs. Since the mid-2010s, the integration between R&D&I, market development, and regulatory affairs has enabled the launch of dozens of new products and the creation of a project pipeline at different stages of development, supported by partnerships with more than a hundred research institutions and hundreds of researchers across the country.

Vittia’s operations are subject to a comprehensive regulatory framework, mainly under the responsibility of the Ministry of Agriculture and Livestock (MAPA), the Brazilian Health Regulatory Agency (ANVISA), and the Brazilian Institute of Environment and Renewable Natural Resources (IBAMA). In the field of fertilizers, soil conditioners, inoculants, biofertilizers, remineralizers, and plant substrates, the company depends on establishment and product registrations with MAPA, with specific requirements for periodic renewal, category classification, and compliance with technical standards. In the area of crop protection products and pesticides, registrations and toxicological assessments are jointly analyzed by ANVISA, IBAMA, and MAPA, under resolutions and normative instructions that establish criteria for toxicology, reassessment, and labeling. The company also interacts with MAPA in the sphere of animal feed products, requiring registration of manufacturing units and certain products, and is subject to inspections and sanctions in cases of non-compliance. This regulatory environment directly affects the development, approval, and commercialization cycle of Vittia’s products.

In terms of corporate governance, Vittia went through a more intense professionalization process starting with the investment by the Brasil Sustentabilidade FIP fund in 2014, which resulted in the implementation of a Board of Directors, supporting committees, reorganization of the executive board, budget and variable compensation policies, as well as independent auditing of financial statements and formalized strategic planning. This process was reinforced by the listing of VITT3 shares on B3 in 2021, which broadened the shareholder base and required a higher degree of transparency and discipline in information disclosure. The trajectory of industrial expansion, consolidation of acquisitions, and strengthening of R&D&I positions Vittia as a relevant supplier of plant nutrition and protection inputs for Brazilian agribusiness, with a focus on biological technologies and specialty fertilizers, operating in a sector directly linked to the dynamics of the country’s agricultural production.