Earnings Release 4Q23 | 2023

Conference Call

September 06, 2023

Portuguese

(with simultaneous translation into English)

10 a.m (Brasília Time)

Click hereto participate

09 a.m (NY Time)

4Q23 | 2023

EARNINGS RELEASE

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São Paulo, September 5, 2023 - BrasilAgro (B3: AGRO3) (NYSE: LND) announces its consolidated results for the year and quarter ended June 30, 2023 ("4Q23" and "2023"). The consolidated information is prepared in accordance with the International Financial Reporting Standards (IFRS).

Period Highlights

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

(R$ thousand)

4Q23

4Q22

Change

2023

2022

Change

Revenues from Operations

257.658

350.737

-27%

903.372

1.168.137

-23%

Revenues from Farm Sales

415.855

-

n.a.

445.429

316.174

41%

Net Sales Revenue

673.513

350.737

92%

1.348.801

1.484.311

-9%

Variation in the fair value of biological assets

(41.937)

69.327

n.a.

30.530

498.942

-94%

Net Revenue¹

631.576

420.064

50%

1.379.331

1.983.253

-30%

Adjusted EBITDA from Operations

36.717

66.903

-45%

187.664

437.602

-57%

Adjusted EBITDA Margin from Operations (%)

14%

19%

-5 p.p.

21%

37%

-17 p.p.

Adjusted EBITDA²

365.283

66.903

n.a.

533.729

689.136

-23%

Adjusted EBITDA Margin (%)

58%

16%

42 p.p.

39%

35%

4 p.p.

Net Income from Operations

(85.857)

31.112

n.a.

(77.529)

268.566

n.a.

Net Operating Margin (%)

-33%

9%

-42 p.p.

-9%

23%

-32 p.p.

Net Income

242.708

31.112

n.a.

268.536

520.100

-48%

Net Income Margin (%)

38%

7%

31 p.p.

19%

26%

-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.

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

Farm Sale

TOTAL

Morotí

Rio do Meio

Araucária - S1

Araucária - S2

Jatobá

Total Area (ha)

12.753

863

1.965

332

5.185

4.408

Arable Area (ha)

9.134

498

1.423

215

3.796

3.202

Nominal Sale Value¹

R$610 MM

R$7,8 MM

291 soybean

297 soybean

790 soybean

298 soybean

bag/ha

bag/ha

bag/ha

bag/ha

Acquisition Value +

R$98 MM

R$4,4 MM

R$17,8 MM

R$1,9 MM

R$59,0 MM

R$15,1 MM

CAPEX

Between 13,6%

IRR - R$

42,2%

52,4%

13,6%

14,5%

16,0%

e 52,4%

Revenue From Farm Sale

R$445 MM

R$8 MM

R$35 MM

R$6 MM

R$307 MM

R$89 MM

¹ Considers values announced​​

on the date of the Material Fact.

See the ""Sales of Farms"" section of this release for accounting details.

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

Quantity Sold

2023

2022

Chg.

Net Revenue

2023

2022

Chg.

(Ton)

(%)

(R$ thousand)

(%)

Total

1.967.162

2.364.141

-17%

Total

903.372

1.168.137

-23%

Soybean

180.088

236.127

-24%

Soybean

419.218

600.075

-30%

Corn

132.610

116.091

14%

Corn

147.317

108.692

36%

Beans

3.114

3.953

-21%

Beans

12.483

11.083

13%

Feather Cotton

3.377

2.075

91%

Feather Cotton

33.750

21.692

56%

Seed Cotton

3.541

2.502

18%

Seed Cotton

4.446

3.550

25%

Sugarcane

1.640.394

1.997.307

-18%

Sugarcane

244.830

378.919

-35%

Cattle Raising

2.994

3.228

-7%

Cattle Raising

24.807

31.507

-21%

Others

1.045

2.857

-63%

Leasing

14.893

6.450

n.a.

Others

1.629

6.167

-74%

2

4Q23 | 2023

Estimates for 2023/2024 Harvest Year

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

Planted Area (ha)

23/24 Harvest

22/23 Harvest

Chg.

estimat ed

realized

(%)

Soybean

74.996

65.772

14%

Corn

8.911

8.216

8%

Corn - 2nd Crop

17.712

12.078

47%

Beans

4.692

1.799

n.a.

Beans - 2nd Crop

1.889

1.658

14%

Cotton

3.584

5.104

-30%

Cotton - 2nd Crop

3.490

2.038

71%

Ratoon Cane

22.856

25.093

-9%

Plant Cane

2.902

2.492

16%

Pasture

15.374

16.080

-4%

Others

29.284

28.443

3%

Total

185.691

168.774

10%

Production per product (tons)

23/24 Harvest

22/23 Harvest

Chg.

estimat ed

realized

(%)

Soybean

248.471

204.606

21%

Corn

60.853

53.700

13%

Corn - 2nd Crop

102.566

69.628

47%

Beans

5.631

2.057

n.a.

Beans - 2nd Crop

2.221

1.957

13%

Cotton

13.546

13.345

2%

Cotton - 2nd Crop

12.740

8.795

45%

Total

446.028

354.088

26%

Sugarcane Harvest

Year Result

Toneladas colhidas Hectares colhidos TCH - Toneladas colhidas por

Cattle Raising

Hectares Number of heads Meat production (kg) Weight Gain per Day Weight Gain per hectare

2023 Harvest

2022 Harvest

Var.

Estimated

Realized

(%)

(Apr/01 to Dec/31)

(Apr/01 to Dec/31)

2.121.691

1.941.421

9%

25.178

24.857

1%

84,27

78,10

8%

23/24 Harvest

22/23 Harvest

Chg.

estimated

realized

(%)

15.374

16.080

-4%

20.164

21.652

-7%

2.918.317

2.572.377

13%

0,56

0,61

-9%

190

160

19%

3

4Q23 | 2023

23/24 Breakdown Production Cost (%)

Soybean

Corn

Corn -

Beans

Cotton

Sugarcane

Cattle

2nd Crop

Raising

Variable costs

79%

78%

89%

88%

92%

64%

50%

Seeds

15%

18%

22%

1%

14%

0%

0%

Fertilizers

25%

31%

31%

13%

25%

10%

0%

Defensives

16%

13%

9%

30%

27%

6%

0%

Agricultural services

20%

14%

22%

25%

23%

40%

0%

Fuels and Lubricants

2%

3%

4%

5%

0%

9%

0%

Maintenance of machines and instruments

0%

0%

0%

0%

0%

0%

8%

Animal Feed

0%

0%

0%

0%

0%

0%

35%

Others

1%

0%

1%

14%

3%

0%

7%

Fixed costs

21%

22%

11%

12%

8%

36%

50%

Labor

5%

4%

3%

6%

3%

3%

30%

Depreciation and amortization

3%

2%

2%

3%

3%

11%

13%

IFRS 16

12%

15%

5%

2%

1%

16%

0%

Others

1%

1%

1%

1%

1%

5%

8%

Production Cost (R$/ha)

23/24 Harvest

22/23 Harvest

Var.

estimated

realized

Soybean

(1)

4.956

5.753

-14%

Corn

(1)

4.918

5.771

-15%

Corn 2nd Crop

3.312

4.267

-22%

Beans

2.835

3.713

-24%

Beans 2nd Crop

1.943

2.706

-28%

Cotton

8.258

9.169

-10%

Cotton 2nd Crop + Pivot

10.399

14.154

-27%

Sugargane

10.113

10.065

0%

Others

(2)

1.494

768

95%

( 1)

includes area opening amortization

( 2)

Other considers: Quinoa and SesameOutros considera: Quinoa e Gergelim

Note that the estimates are hypothetical and do not constitute a guarantee of performance. To learn more about the operational estimates of the Company, refer to the section on projections in our Reference Form.

Operational Schedule

1Q

2Q

3Q

4Q

1Q

2Q

Jul Ago Set

Out Nov Dez

Jan Fev

Mar Abr Mai Jun

Jul Ago Set

Out Nov Dez

Soybean

Planting

Crop

Corn

Planting

Crop

Corn 2nd Crop

Planting

Crop

Beans

Planting

Crop

Beans 2nd Crop

Planting

Crop

Cotton

Planting

Crop

Cotton 2nd Crop

Planting

Crop

Sugarcane

Planting

Crop

4

4Q23 | 2023

MESSAGE FROM MANAGEMENT

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

The 2022/2023 crop year was marked by a drop in commodity prices, a weaker Brazilian real and adverse weather events that affected the yelds of grains and cotton in some regions, not to mention high production costs, reflecting the increase in fertilizer, seed and fuel prices.

This combination of factors affected the results of agricultural operations, which delivered healthy margins that came in line with historical margins, but significantly lower than margins in the previous crop year when we posted record operating results.

On the other hand, our real estate activities delivered strong results, thanks to the sale of 9,134 arable hectares for a total nominal value of R$610 million, and a gain of R$346.1 million, which positively impacted the Company's consolidated results.

These results increasingly underscore the importance of our business model, which combines real estate and operational returns, and our strategy of diversifying our portfolio across regions and crops.

We ended the 2022/2023 crop year with Net Income of R$268.5 million and Adjusted EBITDA of R$533.7 million, reflecting Net Revenue of R$1.3 billion, which includes R$445.4 million from the sale of farms and R$903.4 million from the sale of agricultural products.

Management proposes dividend payment of R$320.0 million (R$3.24 per share), which will be submitted for approval at the Shareholders Meeting to be held on October 24, 2023.

Despite the challenges, we demonstrated our capacity to create value based on clear strategies executed in a disciplined manner.

However, our value creation goes beyond our financial results. We have been developing and implementing diverse sustainability initiatives that contribute to the transformation of both society and the environment.

Apart from the impact caused by the BrasilAgro Institute on the lives of thousands of people, we seek to create positive impacts and a sustainable agricultural chain. All our initiatives are detailed in our sustainability report and on the BrasilAgro Institute website.

The next crop year will bring several challenges on the commercial front, with volatile commodity prices and logistics costs, and weather adversities, with the onset of El Niño. Even in such a scenario, we believe in our capacity to create value and deliver results consistently by focusing on production margins and real estate transactions.

5

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BrasilAgro - Companhia Brasileira de Propriedades Agrícolas published this content on 06 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 September 2023 00:31:09 UTC.