1Q22 Results

EARNINGS RELEASE 1Q22

01 EARNINGS RELEASE

Quarter ended September 30, 2021

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São Paulo, November 4, 2021 - BrasilAgro (B3: AGRO3) (NYSE: LND), the Brazilian leader in acquiring, developing, and selling rural properties that offer high potential for price appreciation, announces its consolidated results for the quarter ended September 30, 2021 ("1Q22"). The consolidated information is prepared according to International Financial Reporting Standards (IFRS).

Webinar 1Q22

November 8, 2021

Portuguese

(simultaneous translation into English)

2:00 p.m. (Brasília) 12:00 p.m. (New York)

Link:

https://webcastlite.mziq.com/cov er.html?webcastId=7bb19782- c56f-464a-83d1-1a5232516692

SHARE PRICE	CONTACT INFORMATION
________________________________________
____________________________
AGRO3: R$25.46	+ 55 (11) 3035 5374
LND: US$4.71	[e-mail]
	Gustavo Javier Lopez
	IRO
	Ana Paula Zerbinati Ribeiro Gama
	IR Head
	Deise Davanzo
	IR Specialist
	Camila Vitória Stankevicius
	IR Analyst
	________________________________________

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02 MESSAGE FROM MANAGEMENT

We started the 2021/2022 harvest year announcing the largest farm

sale in BrasilAgro's history, comprising 3,723 hectares of the Alto Taquari Farm for R$589.0 million. Besides being relevant to the Company's history, this transaction reinforces our real estate strategy about creating value through the appreciation of land values.

Also within the real estate strategy, we announced the sale of an area of the Rio do Meio Farm, covering 4,573 hectares for R$130.1 million. The two sales announced in October will be booked as of next quarter.

As for agricultural operations, we estimate to operate an area of 168.8 thousand hectares in the 2021/2022 harvest. As a result, we estimate a production of 398.5 thousand tons of grain and cotton and 2.6 thousand tons of beef in the 2021/2022 harvest.

Even with a reduction in the areas sold, the area to be grown in the 21/22 harvest recorded organic growth of 4.8%, reflecting the absorption of transformed areas in the portfolio. By the end of the year, we expect to transform another 7.5 hectares.

Additionally, we have already delivered 1.7 million tons of sugarcane from the 2021 harvest, and by the end of the harvest, we should deliver another 494 million tons, totaling 2.2 million tons harvested.

On October 27, the Annual Shareholders' Meeting approved the dividend distribution of R$260.0 million, equivalent to R$2.62 per share, generating dividend yield of 9.6%, fulfilling our commitment to delivering return to our shareholders.

Another important highlight of the Meeting was the election of three new independent members to the board of directors - Mrs. Eliane Aleixo Lustosa de Andra, Mrs. Saboya de Albuquerque and Mr. Efraim Horn. Messrs. Eduardo Elsztain, Alejandro Elsztain, Saul Zang, Carlos Blousson, Alejandro Casaretto and Isaac Sutton were re-elected to the positions of members of the board of directors on the same occasion.

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BrasilAgro enters the 2021/2022 harvest year ready to benefit from the commodity cycle, which continues to be positive for this harvest, allowing for gains through the production and sale of land.creation.

03 MAIN FIGURES

Net Revenue of R$378.1 million (+65%) in 1Q22;

Adjusted EBITDA of R$190.6 million in 1Q22 (+179%), with an Adjusted EBITDA margin of 35.5% (+11.3 p.p.);

Net Income of R$107.9 million (+43%) in 1Q22; with a net margin of 20.1%;

Cash and Cash Equivalents of R$1.2 billion;

Distribution of R$260.0 million in dividends (R$2,62 per share);

(R$ thousand)	1Q22	1Q21	Change
Revenues from Operations	378.086	222.214	70%
Revenues from Farm Sales	-	6.789	-100%
Net Sales Revenue	378.086	229.003	65%
Net Revenue from Operations	137.075	52.868	159%
Net Revenue from Farm Sales	(6.862)	(17.263)	-60%
Net Revenue¹	515.161	281.871	83%
Adjusted EBITDA from Operations	190.649	62.483	205%
Adjusted EBITDA Margin from Operations (%)	50,4%	28,1%	22 p.p.
Adjusted EBITDA²	190.649	68.236	179%
Adjusted EBITDA Margin (%)	37,0%	24,2%	11 p.p.
Net Income	107.871	69.902	54%
Margem Líquida Operacional (%)	28,5%	31,5%	-3 p.p.
Net Income	107.871	75.654	43%
Net Income Margin (%)	20,9%	26,8%	-7 p.p.

¹ Net Revenue: Considers the change in fair value of biological assets and agricultural product and Impairment.

• Adjusted EBITDA was calculated by excluding biological assets in progress (sugarcane and grains planted) and adjusted for the harvest's derivative results and depreciation expenses, including depreciation of fixed assets of the farms, developed areas and permanent crops.

Definitions: 1Q21 and 1Q22 - quarters ended September 30, 2020 and 2021, respectively | 2020 and 2021 - twelve-month periods ended June 30, 2020 and 2021, respectively |

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2020/2021 Harvest Year - fiscal year started on July 1, 2020, and ended on June 30, 2021, | 2021/2022 Harvest Year - fiscal year started on July 1, 2021, and ended on June 30, 2022.

04 REAL ESTATE PERFORMANCE

Sale of Farms

RIO DO MEIO FARM: On September 20, 2021, we announced the sale of 4,573 hectares (2,859 arable hectares) of the Rio do Meio Farm, located in Correntina - BA. The sale value is 250 soybean bags by arable hectare, or R$130.1 million (approximately R$45,507/arable hectare).

From an accounting point of view, the value of this farm area in the Company's books is R$40.0 million (acquisition + investments net of depreciation) with an expected Internal Rate of Return (IRR) in Reais of 56.5%. - The revenue from the sale will be

accounted for in the second quarter and the present value of the sale may change due to the value of the bag at the time of accounting.

ALTO TAQUARI FARM: On October 7, 2021, we announced the sale of 3,723 hectares (2,694

arable hectares) of the Alto Taquari Farm, located in the Municipality of Alto Taquari - MT. The sale value is 1.100 soybean bags by arable hectare, or R$589.0 million (approximately R$218,641/arable hectare).

From an accounting point of view, the value of this Farm area in the Company's books is R$40.0 million (acquisition + investments net of depreciation) with an expected Internal Rate

of Return (IRR) in Reais of 19.9%. - The revenue from the sale will be accounted for in the second quarter and the present value of the sale may change due to the value of the bag at the time of accounting.

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