BrasilAgro Companhia Brasileira de Propriedades Agrícolas : 1Q23 Earnings Release

EARNINGS RELEASE

1Q23

EARNINGS RELEASE 1Q23

----------------------------------------------------------------------------------------------------------------------------------------------------------------

São Paulo, November 08, 2022 - BrasilAgro (B3: AGRO3) (NYSE: LND), announces its consolidated results for quarter ended September 30, 2022 ("1Q23"). The consolidated information is prepared according to International Financial Reporting Standards (IFRS).

Main Figures

----------------------------------------------------------------------------------------------------------------------------------------------------------------

Net Revenue totaled R$299.8 million (-21%) in 1Q23;

Adjusted EBITDA totaled R$107.1 million (-52%), with an EBITDA margin of 34% (-10 p.p.) in 1Q23;

Net Income of R$42.0 million (-61%), with a net margin of 13% in 1Q23;

Distribution of R$320.0 million in additional dividends (R$3.24 per share).

(R$ thousand)	1Q23	1Q22	Change
Revenues from Operations	298.324	378.086	-21%
Revenues from Farm Sales	1.481	-	n.a.
Net Sales Revenue	299.805	378.086	-21%
Net Revenue from Operations	15.721	137.075	-89%
Net Revenue from Farm Sales	1.481	-	n.a.
Net Revenue¹	315.526	515.161	-39%
Adjusted EBITDA from Operations	106.241	223.931	-53%
Adjusted EBITDA Margin from Operations (%)	36%	59%	-24 p.p.
Adjusted EBITDA²	107.143	223.931	-52%
Adjusted EBITDA Margin (%)	34,0%	43,5%	-10 p.p.
Net Income	41.100	107.871	-62%
Margem Líquida Operacional (%)	13,8%	28,5%	15 p.p.
Net Income	42.002	107.871	-61%
Net Income Margin (%)	13,3%	20,9%	-8 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.

Videoconference

----------------------------------------------------------------------------------------------------------------------------------------------------------------

	November 09, 2022		Portuguese
	2p.m. (Brasília time)		(simultaneous translation into English)
	12p.m. (EST)		Click hereto participate

'2

1Q23

MESSAGE FROM MANAGEMENT

----------------------------------------------------------------------------------------------------------------------------------------------------------------

We initiated the 2022/2023 crop year with a Net Income of R$42.0 million, with a net margin of 13%, and Adjusted EBITDA of R$107.1 million, with a net margin of 32%, which was a reflection on our Net Revenue of R$299.8 million.

The decrease in Net Revenue compared to the same period last year is a reflection of the drop in soybean sales volume, explained by the sales strategy adopted by the Company due to commodity prices and the decrease in revenue from sugarcane, as a result of the drop in Consecana, from 1.3242 to 0.9465 in 1Q23.

Last harvest we anticipated the sale of soybeans, because of that we had 68% more of this grain traded in the same period. This difference in the company's marketing strategy, adding the decrease in the price of sugarcane ATR per Kg, impacted the numbers compare to the last year.

The macroeconomic scenario continues turbulent, with new offensives in the conflict between Russia and Ukraine, rising interest rates, increased global inflation, and risks of a slowdown in the global economy. Agribusiness was impacted by the instability in commodity and input prices, which has compressed producer margins.

In this context, the Company's strategy of anticipating the purchase of inputs proved to be correct. As we foresee a logistical bottleneck, we anticipated the receipt of fertilizers and 84% of the purchased products are already available at the farms. With the anticipated purchase of inputs, we advanced our hedging positions, locking margins above our historical average.

Our operation's cultivated areas for the 22/23 harvest year, even with a reduction in the areas sold, had an organic growth of 2%, reflecting the absorption of transformed areas and the new leased areas in the portfolio.

Until the end of this reporting period, we had planted 38% of the soybean crop, within the optimal planting window. Weather forecasts remain optimistic, with improved rainfall forecast compared to the previous crop year, and a lower risk of long summer periods, which is a strong characteristic during the La Niña years (climate event).

Additionally, we already delivered 1.7 million tons of sugarcane from the 2022 harvest and, by the end of this harvest, we expect to have delivered another 200 million tons, totaling 1.9 million tons harvested, below what we initially disclosed. Sugarcane productivity in Maranhão was affected by fires in an important area of the farm.

On October 27, the Company's Shareholders' Meeting approved the dividend distribution of R$320.0 million, equivalent to R$3.24 per share, generating dividend yield of 10% and fulfilling our commitment to

'3

1Q23

delivering return to our shareholders. A total of R$520.0 million was distributed in dividends in 2022.

On the real estate side, today we announced the first sale of an area in Paraguay, with an important IRR (Internal Rate of Return) valuation expected in dollars of 27.9% (42.2% in Reais).

We continue to play a leading role in the search for new opportunities for growth and value creation.

'4

1Q23

REAL ESTATE PERFORMANCE

----------------------------------------------------------------------------------------------------------------------------------------------------------------

Farm Acquisition

FAZENDA PANAMBY: On September 15, we announced the acquisition of Fazenda Panamby, a rural property located in the municipality of Querência, state of Mato Grosso. The property has an arable area of 5.4 thousand hectares (total area of 10.8 thousand hectares), of which 80% are suitable for second crop.

The farm has clay and rainfall levels and altitude that allow cultivation of grains and cotton and is located less than 100 km from paved roads. The farm is in the eastern region of the state of Mato Grosso, which is characterized by the high growth of agricultural areas in the country, with the advancement of agriculture in pasture areas.

The acquisition value is R$285.6 million (302 soybean bags per arable hectare), which will be paid in two installments, a down payment and an annual installment.

Subsequent Event

FAZENDA MOROTÍ: On November 8, we announced the sale of 863 hectares (498 arable hectares) of Fazenda Morotí, a property located in Paraguay.

The face value of the sale was US$1.5 million (~U$1.7 thousand/ha). The buyer made an initial payment in the amount of US$748,500. The remaining balance will be paid in three equal annual installments.

Morotí Farm was acquired in December 2013 and had a total area of 59,585 hectares (34,053 useful hectares), located in the state of Boquerón, in the western region of Paraguay (Chaco Paraguay region).

The property was acquired for US$18.7 million (~US$314/ha), representing a gain of over US$1,400/ha. From an accounting point of view, the value of this farm area on the company's books is US$853 thousand (acquisition value + capital gain + investments net of depreciation) and has an expected IRR (Internal Rate of Return) in dollars of 27.9% (42.2% in reais).

'5

1Q23