BrasilAgro Companhia Brasileira de Propriedades Agrícolas : 4Q20 and 2020 Results

EARNINGS RELEASE

4Q21 and 2021

01 EARNINGS RELEASE

Quarter and fiscal year ended June 30, 2021

_____________________________________________________________________________

São Paulo, August 31, 2021 - BrasilAgro (B3: AGRO3) (NYSE: LND), the leader in acquisition, development, and sale of rural properties that offer high potential for price appreciation, announces its consolidated results for the quarter and fiscal year ended June 30, 2021 ("4Q21 and 2021"). The consolidated financial statements are prepared under

International Financial Reporting Standards (IFRS).

4Q21 and 2021 Webinar

September 1, 2021

Portuguese

(simultaneous translation into English)

2 p.m. (Brasília time)

1 p.m. (New York time)

Link:

https://webcastlite.mziq.com/cov er.html?webcastId=2b5aa9ba- c0df-4693-bf90-60b1c196f37c

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Highlights

R$177.6 million

Adjusted EBITDA

20/21 Harvest		R$365.7 million
282,000 tons of grains		Adjusted EBITDA
	R$559.1 million
5,000 tons of cotton
	Net Revenue
2.2 million tons of sugarcane		R$721.9 million
1,900 tons of meat produced		Net Revenue
1.		R$119.6 million
		R$317.6NetmillionInc me
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33,419 ha Acquired	Net Income
Proposed Distribution of
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New Farms in Bahia and Piauí
R$ 260 million in dividends
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3,199 ha Sold	Proposed Distribution of
for R$84.7 million
R$42 million in dividends
of Jatobá Farm in Bahia
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and Alto Taquari Farm in Mato Grosso.
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enim ad minim veniam, quis nostrud.
PRICE	CONTACTS
___________________________________	__________________________________
AGRO3: R$27.92	+ 55 (11) 3035 5374
LND: US$5.50	[e-mail]

Gustavo Javier Lopez

IRO

Ana Paula Zerbinati Ribeiro Gama

Head of IR

Deise Davanzo

IR Specialist

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02 MESSAGE FROM THE MANAGEMENT

The 2020/21 crop year has proven to be a period of intense challenges, because of the social and economic environment generated by the impacts of the COVID-19 pandemic

and the climatic impacts experienced by agriculture in the country. Climate change has required the company to implement prompt measures to mitigate the

effects on crop productivity, such as adapting varieties, changing the product mix, and planting and harvesting periods.

Since the beginning of the pandemic, in March 2020, we have been taking measures to preserve our employees' health, contribute to contain the spread of Covid-19 and mitigate its effects on our operations. We continue to work in accordance with the protocol, in addition to the vaccination campaign in all units, and we are working on the plan to return to on-site activities, for the positions which have been working remotely.

Other important initiative was the support provided to the communities where the Company is located. Through the BrasilAgro Institute, several initiatives were implemented aiming to assist the most vulnerable population, such as: food donations, donation of individual protection equipment and alcohol gel, among others.

Our business plan includes accelerating our growth plan and two important fundraisings, the Follow on, which raised R$500 million and the CRA issue, worth R$240 million. In addition, we had a cash contribution of R$448 million from the exercise of subscription warrants by the Company's founders. This cash position provides us with a solid base for investments in new projects and the development of the current portfolio.

The results we achieved during the 2020/2021 harvest year (ended June 30, 2021), once again, leaves no doubt that our business model, and the execution of our strategy, were assertive. - we acquired 9.8 thousand hectares of land in Bolivia, developed more than 5 thousand hectares, sold 1.6 thousand hectares (1.2 thousand useful ha) for R$67.1 million, and produced more than 2.4 thousand tons of products.

We ended our 2020/2021 fiscal year with a Net Income of R$317.6 million and an Adjusted EBITDA of R$365.7 million, all of which reflects our Net

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Revenue of R$721.9 million, consisting of R$58.9 million from the sale of farms and R$663.0 million from sales of agricultural products and leases.

BrasilAgro begins the 2021/2022 crop year fully prepared to benefit from the exchange rate and commodity price conditions, and with the current costs, we expect the good level of profitability to be maintained in the operation for the 2021/22 crop year as well. Besides the land appreciation, which had an important impact on the valuation of the current portfolio, estimated at R$3.4 billion, reinforcing our business model, which since the company's establishment has been focused on generating value through gains from land sales.

03	KEY NUMBERS
	(R$ thousand)	4Q21	4Q20	Change	2021	2020	Change
	Revenues from Operations	229.197	158.466	45%	662.952	487.568	36%
	Revenues from Farm Sales	52.063	47.440	10%	58.925	71.492	-18%
	Net Sales Revenue	281.260	205.906	37%	721.877	559.060	29%
	Net Revenue from Operations	363.031	196.075	85%	1.167.572	643.786	81%
	Net Revenue from Farm Sales	52.063	47.440	10%	58.925	71.492	-18%
	Net Revenue¹	415.094	243.515	70%	1.226.497	715.278	71%
	Adjusted EBITDA from Operations	99.361	58.398	70%	312.584	116.153	169%
	Adjusted EBITDA Margin from Operations	27,4%	29,8%	-8%	26,8%	18,0%	48%
	(%)
	Adjusted EBITDA²	146.663	99.122	48%	365.681	177.573	106%
	Adjusted EBITDA Margin (%)	35,3%	40,7%	-13%	29,8%	24,8%	20%
	Net Income	80.581	(6.773)	n.a.	264.549	58.134	355%
	Margem Líquida Operacional (%)	22,2%	-3,5%	n.a.	22,7%	9,0%	151%
	Net Income	127.883	33.951	277%	317.646	119.554	166%
	Net Income Margin (%)	30,8%	13,9%	121%	25,9%	16,7%	55%
	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.

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