BrasilAgro Companhia Brasileira de Propriedades Agrícolas : 1Q24 Results Presentation

RESULTS PRESENTATION

1Q24

André Guillaumon	Gustavo Lopez	Ana Paula Zerbinati
CEO	CFO & IRO	IR and Capital
		Market Head

1Q24 RESULTS VIDEOCONFERENCE

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1Q24 HIGHLIGHTS

Financial

R$272.2 million

of net revenue

R$30.0 million

net income

R$23.4 million

Adjusted EBITDA

Dividends

Distribution of

R$320.0 million

in dividends or R$3.21 per share

23/24 Harvest Estimates

2.6 million tons

of grains, cotton and sugarcane

179.8 thousand ha

In production

Planted Area

+11 thousand ha,

growth of 7% compared to the 22/23 harvest

3

2023/2024 HARVEST YEAR

Planted area (thousand hectares)

Estimated Planted Area 23/24 Crop

179,763 hectares

Culture Breakdown

Land Ownership

		-5,9
		179,8
168,9	168,8			14%
			4%
			9%	44%
21/22 Harvest	22/23 Harvest	23/24 Harvest	14%
		Estimated

					5%	10%
				Mix Change (ha)
185,600 hectares (estimated)
			4,200 ha corn
			5,000 ha corn 2nd crop
			3,500 ha others cultures

3,700 ha soybean			Soybean		Corn and Corn 2nd Crop
3,000 ha bean 2nd crop			Bean 2nd Crop		Sugarcane
179,800 hectares (projected)			Pasture		Cotton
		Other

38%

55%

7%

Operated by BrasilAgro

Leased to third parties

Leased area

4

2023/2024 HARVEST YEAR -Production(tons)

Grains and Cotton

Production per product	22/23 Harvest 23/24 Harvest	Change		23/24 Harvest Change
(tons)	Realized	Estimated	(%)		Projected	(%)
Soybean	204.606		248.471	21%		248.471		0%
Corn	53.700		60.853	13%	29.521		-51%
Corn - 2nd Crop	69.628		102.566	47%	72.062		-30%
Beans	2.057		5.631	n.a.	5.631		0%
Beans - 2nd Crop	1.957		2.221	13%	5.715		n.a.
Cotton	13.345		13.546	2%	13.789		2%
Cotton - 2nd Crop	8.795		12.740	45%	12.740		0%
Total	354.088		446.028	26%		387.929		-13%

Grains and Cotton

With the change in the planted area mix, we estimate a reduction of 13% in our grain and cotton production in relation to the initial estimate disclosed last quarter.

5

OPERATIONS SCHEDULE

Soybeans

Corn

1Q	2Q			3Q		4Q
Jul Ago Set	Out Nov Dez		Jan Fev	Mar Abr Mai Jun
		Planting
						Crop
		Planting
							Crop

Planting Status

Corn 2nd Crop

Beans

Beans 2nd Crop

Planting

Crop

Planting

Crop

Planting

Crop

35%

Planted

38%

Planted

Cotton

Cotton 2nd Crop

Sugarcane

Planting

Crop

Planting

Crop

Planting

Crop

Crop

	10/nov*		20/nov*
	Start of Planting			Start of Planting
	*Estimated

6

2023/2024 HARVEST YEAR | Cattle Raising

Cattle Heads

CattleRaising	20.164	20.740
	23/24 Harvest	23/24 Harvest
	Estimated	Realized

Pasture

(hectares)

15.374	14.715
23/24 Harvest	23/24 Harvest
Estimated	Realized

	ADG
	(kg)
0,56
	0,26
23/24 Harvest	23/24 Harvest
Estimated	Realized

7

2023 Harvest | Sugarcane

Sugarcane

Harvested Area until

nov/2023

96%

25.178 Hectares

Production until	TCH
nov/2023	(ton/ha)
96%	84,27	89,93
2.121,7	2023 Harvest Estimated 2023 Harvest Realized
Tons	(01/apr a 31/dec)	(01/apr a 30/sep)

8

HEDGE POSITION

As of September 30, 2023

Harvest

Soybean

Price

Volume

FX

Volume

% of hedge(1)

% of hedge(2)

BRL/USD

(USD/bu)

(thousand)

22/23

172.293 ton

99%

14,50

USD 72.573

100%

5,47

23/24

122.140 ton

49%

13,12

USD 33.502

41%

5,33

Harvest

Corn

Price

Volume

FX

Volume

% of hedge(1)

% of hedge(2)

BRL/USD

(USD/bu)

(thousand)

22/23

89.514 ton

72,00%

54,98

-

-

-

23/24

43.983 ton

45,00%

47,02

-

-

-

Harvest

Cotton

Price

Volume

FX

Volume

% of hedge(1)

% of hedge(2)

BRL/USD

(USD/lb)

(thousand)

22/23

6.654 ton

100,00%

87,50

USD 11.701

91,00%

5,67

23/24

5.998 ton

72,00%

82,50

USD 16.267

100,00%

5,53

Harvest

Ethanol

Preço

Volume

FX

Volume

% of hedge(1)

% of hedge

BRL/USD

(R$/m3)

(thousand)

22/23

30.930 m³

35%

3.159,00

-

-

-

23/24

5.700 m³

4%

2.800,00

-

-

-

Farm Sale Receivables

FX

Harvest

Volume

% of hedge(1)

Price

Volume

% of hedge(2)

BRL/USD

(USD/bu)

(thousand)

2023

104.912 ton

100%

14,09

55.479

100%

5,31

2024

65.513 ton

60%

13,51

28140

55%

5,44

* Recebíveis V enda de Fazenda	9

1. Percentual do volume em toneladas de soja travada.
2. Percentual da receita esperada em USD.
3. Percentual do volume em m³ de etanol travada.

SCENARIO

Commodity performance (Oct/22- Oct/23)

( R$ / 60 Kg)		( R$ / @)
188,83	-24.5%	303,33
Soy
Paranaguá	142,52	Cattle Raising
( R$ / 60 kg)		( R$ / L)
	-32.4%
89,76
		2.580,5
Corn		Ethanol
BM&FBOVESPA		Hydrated Futuro B3
	60,7
((Algodão NY c/lb)		( R$ / 50 Kg)
	-12.9%
93,22
	81,22	Sugar cane
Cotton	(Average price Kg/ATR)

1,1079

Fonte: Bloomberg

10

-21.5%

238,0

-10.2%

2.317,5

-11.7%1,2376