Biosev S A : 4Q21 Earnings Release

HISTORICAL RECORDS

ADJUSTED EBITDA OF R$ 2.5 BILLION AND

NET INCOME OF R$216.4 MILLION

São Paulo, June 4, 2021 - Biosev, one of the world's largest sugarcane processor, announces its results

for the fourth quarter of the 2020/21 crop.

2020/21 HIGHLIGHTS

• Due to the improved operational performance, Net Income totaled R$216.4 million compared to the loss of R$1.5 billion in 2019/20 crop.
• Net Operating Result was an income of R$1.6 billion in 2020/21 crop.
• Historical operational records for the period:
• • Consolidated agricultural yield (TCH) increased by 3.1% to 85.6 ton/ha in 2020/21 crop;
  • Product TRS totaled 141.7 kg ATR/ton, an increase of 9.6% compared to the previous crop;
  • Industrial efficiency increased by 2.1% to 1.031 in the period.
• Sugar mix was 52.7% in 2020/21 crop, due to its higher profitability in relation to ethanol, and 18 p.p. higher than 2019/20 crop. Anhydrous mix was 30.6%,1.7 p.p. higher than 2019/20 crop.
• Total Product TRS was 3,765 thousand tons, 7.6% higher than 2019/20 crop, mainly due to the 1,897 thousand tons of sugar produced.
• Net Revenue ex-HACC/other products of R$6.8 billion, 37.7% higher than 2019/20 crop.
• Adjusted EBITDA ex-resale/HACC totaled R$2.5 billion, an increase of 40.1%, EBITDA per unit was R$93.1 per ton, an increase of 42.8%; and EBITDA Margin was 45.3%, 2.6 p.p. higher than 2019/20 crop.
• EBITDA less CAPEX totaled R$1.1 billion, 88.1% higher than 2019/20 crop.

* The financial data presented is without IFRS16 effects.

Conference Call in Portuguese with translation into English: June 7, 2021

2:30 p.m. (Brasília - BRT) | 1:30 p.m. (NY - EST) | 6:30 p.m. (London - GMT) Portuguese: (11) 3181-8565 | English: [phone]

Code: Biosev

Investor Relations

E-mail:[e-mail]

Telephone: [phone]

http://ri.biosev.com

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1. OPERATING PERFORMANCE

The following table presents key indicators for operating efficiency, productivity and production volumes, which are analyzed in this section:

Efficiency and Productivity	4Q21	4Q20		%	2020/21	2019/20	%
Crushing ('000 tons)		756	1,142	-33.9%	26,540	27,044	-1.9%
TCH - Agricultural yield (ton/ha)		81.0	74.6		8.6%	85.6	82.9	3.1%
Product TRS (kg/ton)	116.7	99.0		17.9%	141.7	129.2	9.6%
Industrial Efficiency	1.019	0.968		5.3%	1.031	1.010	2.1%
Production			4Q21	4Q20		%	2020/21	2019/20	%
Sugar Mix (%)			22.5%	13.2%		9.3 p.p.	52.7%	34.7%	18 p.p.
Ethanol Mix (%)			77.5%	86.8%		-9.3 p.p.	47.3%	65.3%	-18 p.p.
Anhydrous Mix (%)			2.3%	0.0%		2.3 p.p.	30.6%	28.9%	1.7 p.p.
Production ('000 tons of Product TRS) ¹		85	104		-17.7%	3,765	3,500	7.6%
Sugar ('000 tons)			18	13		39.8%	1,897	1,163	63.0%
Ethanol ('000 m³)			39	54		-26.5%	1,049	1,346	-22.0%
Cogeneration (GWh)			43.7	30.7		42.6%	843.8	811.7	3.9%

• Considers the ratios of conversion of sugar and ethanol in the State of São Paulo, as disclosed in the Consecana Manual.

1.1. Crushing

The following table shows crushing volume on a consolidated basis and by cluster:

Efficiency	4Q21	4Q20	%	2020/21	2019/20	%
Crushing ('000 tons)	756	1,142	-33.9%	26,540	27,044	-1.9%
Own	729	1,013	-28.0%	15,731	16,781	-6.3%
Third Parties	27	129	-79.3%	10,809	10,264	5.3%
Ribeirão Preto Norte Cluster	0	64	-100.0%	4,895	5,077	-3.6%
Ribeirão Preto Sul Cluster	0	443	-100.0%	14,631	14,976	-2.3%
Mato Grosso do Sul Cluster	756	635	19.0%	7,015	6,992	0.3%

The Company reached total crushing volume of approximately 26.5 million tons in 2020/21 crop, a decrease of 1.9% compared to 2019/20 crop, mainly in the Ribeirão Preto Norte and Ribeirão Preto Sul Clusters. Such reduction resulted mainly from the postponement of the harvesting period in March 2021, considering that the drier weather conditions in the region impacted the sugarcane crop development. In the 4Q21, no crushing activities were carried out in the Ribeirão Preto Clusters.

At the Ribeirão Preto Norte Cluster, crushing volume was 4.9 million tons, 3.6% lower than the previous crop; at the Ribeirão Preto Sul Cluster, crushing volume was 14.6 million tons, 2.3% lower than the previous crop.

At the Mato Grosso do Sul Cluster, crushing volume was 7.0 million tons, 0.3% higher than the previous crop, due to the favorable climate conditions in the region.

1.2. Tons of Cane per Hectare (TCH)

The following table shows the evolution in TCH on a consolidated basis and by cluster:

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Productivity	4Q21	4Q20	%	2020/21	2019/20	%
TCH - Agricultural yield (ton/ha)	81.0	74.6	8.6%	85.6	82.9	3.1%
Ribeirão Preto Norte Cluster	0.0	70.3	-100.0%	81.3	84.3	-3.6%
Ribeirão Preto Sul Cluster	0.0	86.4	-100.0%	89.5	85.9	4.3%
Mato Grosso do Sul Cluster	81.0	70.1	15.7%	81.3	76.9	5.7%

Cane yield measured by consolidated TCH reached 85.6 ton/ha, 3.1% higher than the previous crop, which is basically explained by the application of best agronomic practices in crop regeneration to the sugar plantations, in addition to the favorable weather conditions (rainy season) during the field development period (January to March/20) in the Ribeirão Preto Sul and Mato Grosso do Sul Clusters.

The 3.6% decrease in TCH at the Ribeirão Preto Norte Cluster resulted from the drier weather conditions during the plantation period in the region.

1.3. Product Total Recoverable Sugar (TRS)

The following table shows the evolution of Product TRS and by cluster:

Productivity	4Q21	4Q20	%	2020/21	2019/20	%
Product TRS (Kg TRS/ton)	116.7	99.0	17.9%	141.7	129.2	9.6%
Ribeirão Preto Norte Cluster	0.0	91.0	-100.0%	147.6	138.5	6.6%
Ribeirão Preto Sul Cluster	0.0	96.3	-100.0%	143.9	131.3	9.6%
Mato Grosso do Sul Cluster	116.7	101.7	14.7%	132.8	118.0	12.6%

Product TRS content was 141.7 kg TRS/ton in 2020/21 crop, historical record for the period, an increase of 9.6% compared to the previous crop, which reflects the continuous impacts of the evolution of the phytosanitary quality of the sugarcane crop, the quality of the harvesting processes, the intensive use of ripening agents and organic fertilization, among others, an improved operational performance and favorable (drier) weather conditions during the harvest, which favors concentration of sugar content.

Industrial efficiency reached 1.031 in 2020/21 crop, an increase of 2.1% compared to 2019/20 crop, historical record for the period. The results demonstrate the higher efficiency in converting cane into the final products of sugar and ethanol, as well as the lower losses in production processes due to investments in the industry and sugar mix. Industrial efficiency is calculated based on the volume of TRS produced by the mills.

Total production in tons of Product TRS was 3,765 thousand tons, an increase of 7.6% compared to the previous crop, mainly due to the evolution of the sugarcane crop and industrial efficiency gains.

Sugar mix was 52.7%, due to the higher allocation of TRS to sugar production, given the product's higher profitability in the period compared to ethanol, an increase of 18.0 p.p. compared to 2019/20 crop.

Ethanol mix was 47.3% in 2020/21 crop, as a result of company's commercial strategy, 18.0 p.p. lower than the previous crop. The anhydrous mix (over the total ethanol produced) was 30.6% in 2020/21 crop,

1.7 p.p. higher than 2019/20 crop, due to the strategy more focused on higher added value products.

1.4. Cogeneration

The following table presents productivity and cogeneration volume for sale:

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Production	4Q21	4Q20	%	2020/21	2019/20	%
Total Cogen (GWh)	43.7	30.7	42.6%	843.8	811.7	3.9%
Cogen for Sale (GWh)	43.7	30.7	42.6%	843.8	811.7	3.9%
Ribeirão Preto Norte Cluster	0.0	1.7	-98.3%	107.6	103.6	3.9%
Ribeirão Preto Sul Cluster	7.8	9.9	-21.1%	383.8	390.0	-1.6%
Mato Grosso do Sul Cluster	35.9	19.0	88.4%	352.4	318.2	10.8%
Cogen for Sale/Crushing (kWh/ton)	57.9	27.2	112.4%	35.0	33.0	5.8%
Ribeirão Preto Norte Cluster	0.0	35.6	-100.0%	43.3	39.8	8.8%
Ribeirão Preto Sul Cluster	0.0	22.4	-100.0%	26.2	26.0	0.7%
Mato Grosso do Sul Cluster	47.5	30.0	58.4%	50.2	45.5	10.4%

The Company has cogeneration power plants at all its eight industrial sites and is energy self-sufficient during the harvesting period. Out of these units, seven produce surplus electricity for sale.

Total cogeneration for sale in 2020/21 crop increased by 3.9% compared to the previous crop and reached a volume of 843.8 GWh. The cogeneration for sale in the 4Q21 increased by 42.6% and reached a volume of 43.7 GWh. Despite of the decrease in crushing volume, the positive results reflected the industrial investments.

The productivity of cogeneration units measured in kWh of power sold per ton of cane crushed stood at

35.0 kWh/ton, an increase of 5.8% compared to the previous crop. In the 4Q21, the productivity of cogeneration increased by 112.4% compared to the same period of the previous crop and reached 57.9kWh/ton, mainly leveraged by the Mato Grosso do Sul Cluster.

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2. ECONOMIC AND FINANCIAL PERFORMANCE

2.1. Net Revenue

In 2020/21 crop, net revenue excluding the non-cash effects from the hedge accounting of foreign currency-denominated debt (HACC) amounted to R$10.4 billion, an increase of 53% compared to 2019/20 crop. The result is primarily explained by the growth in revenues from finished products resold and the revenues from export performance contracts associated with the rollover of foreign currency- denominated debt obligations, with these factors partially offset by the revenue from the Nordeste Cluster in the previous crop. Note that, excluding the revenue from the Nordeste Cluster in the previous crop to improve the comparison with the current crop, net revenue would be 53.1% higher than 2019/20 crop.

Excluding the effects from resale operations (of finished products, such as (i) sugar, ethanol and energy; and (ii) other commodities, which are required to comply with export performance contracts associated with obligations denominated in foreign currency), the Company's net revenue was R$5.5 billion, an increase of 14.8% compared to 2020/21 crop. This significant increase resulted from the higher industrial efficiency in sugarcane conversion, increase in export sales and higher added value products, and increase in average prices during the harvesting period.

The following table presents a breakdown of net revenue ex-HACC:

	Net Revenue ex-HACC (R$ Thousand)		2020/21		2019/20		%
	Sugar		3,626,282		1,530,531		136.9%
	Domestic Market		288,241		199,097		44.8%
	Export Market		3,338,041		1,331,434		150.7%
	Ethanol		2,645,772		2,952,987		-10.4%
	Domestic Market		1,445,856		2,426,564		-40.4%
	Export Market		1,199,916		526,423		127.9%
	Energy		543,613		464,508		17.0%
	Total		6,815,667		4,948,026		37.7%
	Other Products		3,593,498		1,856,261		93.6%
	Bagasse, services and others		52,273		36,721		42.4%
	Export performance contracts		3,541,225		1,819,540		94.6%
	Net Revenue ex-HACC		10,409,165		6,804,287		53.0%

¹ 2019/20 crop includes amounts from the Nordeste Cluster.

Revenue from resale operations is detailed in the following table:

	Resale operations (R$ Thousand)		2020/21		2019/20		%
	Sugar, ethanol and energy ¹		1,413,980		861,267		64.2%
	Export performance contracts		3,541,225		1,819,540		94.6%
	Total		4,955,206		2,680,807		84.8%

• Revenue from resales of sugar, ethanol and energy is accounted for in the lines corresponding to the respective products in the table of Net Revenue ex-HACC.

The following charts present a breakdown of net revenue ex-HACC, excluding the effects from hedge accounting and revenue from export performance contracts, by product and by market in the respective periods:

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