Slides
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cores December 31, 2025 4Q25 and 2025 Earnings Videoconference “In its centennial year, Kepler Weber ends 4Q25 with strategic consistency and record-breaking revenues in International Business”
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cores Key Highlights | 4Q25 and 12M25 (In BRL million) 4Q25 12M25 Net Revenue 4Q25 12M25 EBITDA 4Q25 12M25 Net Income cores 2 398.7 1,490.3 67.5 231.9 64.8 156.3 EBITDA margin of 16.9% EBITDA margin of 15.1% Net margin of 16.2% Net margin of 10.5%
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cores 26% 26% 24% 22% 2% 32% 27% 21% 16% 4% Net Operating Revenue Performance • • • • 3 Business Areas 4Q25 2025 cores 4Q25 x 4Q24 Variation 2025 x 2024 Variation Farms Ports and Terminals International Business Replacement & ServicesAgribusiness R$ 105.0 R$ 95.3R$ 102.6R$ 88.4 R$ 7.3 -13.3%-26.4% -0.4%+31.4%-32.9% -38.9% R$ 469.7 R$ 310.9R$ 237.7R$ 405.1 R$ 66.9 -9.7% +10.1%+19.4%-17.8% -41.0% -7.3% R$ 398.7 R$ 1,490.3 (In BRL million)
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cores Summary of Important Sales Farms Agribusiness International Business Ports and Terminals Quantity of Sales¹ 14 Projects ▪ 02 Large producers ▪ 08 Medium producers ▪ 04 Miscellaneous 07 Projects ▪ 01 Industry ▪ 02 Grain Merchants ▪ 04 Cooperatives 08 Projects ▪ 07 Grain Merchants ▪ 01 Large producers 04 Projects ▪ 04 Trading Company Value of sales¹ R$90.2 million R$151.4 million R$20.1 million R$52.5 million Products New works with Full Storage Systems (Silos, Dryers, Cleaning Machines and Conveyors). New works with Full Storage Systems (Silos, Dryers, Cleaning Machines and Conveyors). Expansion of existing works for Storage Systems (Silos, Dryers, Cleaning Machines and Conveyors). New works and expansion of existing works, supplying conveyors interconnexion, digital, silos and dryers. Industry Grain Storage Soybean and Corn Grain Storage Soybean and Corn Grain Storage Rice, Soybean and Corn Corn Ethanol Industry and Ports Important sales negotiated in the period 4 cores R$314.2 million new orders in 33 strategic projects¹ Notes: (1) Projects tot be delivered in the next 12 months. (In BRL million)
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cores EBITDA | 4Q25 and 12M25 5 17.8% o/ ROL 4Q24 Gross Profit 5.6 SG&A Others 16.9% o/ ROL 4Q25 82.1 67.5 31.6 11.4 -14.5 (-17.7%) 20.4% o/ ROL 12M24 Gross Profit 1.1 SG&A 23.3 Others 15.6% o/ ROL 12M25 328.7 231.9119.0 -96.7 (-29.4%) (In BRL million)
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cores 20% 50% 28% 2% 39% 20% 37% 4% 22% 21% 21% 36% 37% 11%17% 35% 4Q25 Investment Highlights 4Q25 2025 Investments | CAPEX cores 6 Capex Distribution (In BRL million) Capex Evolution Modernization New Products Supporting IT 4Q24 1Q25 2Q25 3Q25 4Q25 21.2 17.2 20.8 15.5 17.7 -17% 12M25 12M24 71.2 47.3 +51% 1 2 (1) Collaborative Welding Cell (Collaborative Robot / Cobot) (2) Hydraulic Plate Rolling Machine 4Q24 2024
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cores Return on Invested Capital (ROIC) cores 4Q25 vs. 3Q25: +15.7% Operating Income After Taxes +5.3% Invested Capital 7 Invested Capital = Working Capital Requirement + Capex + Fixed Assets + Intangible Assets ROIC = NOPAT/ Invested Capital (LTM) ROIC for the last 12 months 3Q25 4Q25 21,0% 23,0% +2,0 p.p.
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cores (In BRL million) 8 Cash | 4Q25 cores Sep/25 Adjusted Result Working Capital Financing CAPEX Dividends Dec/25 -36.9 -17.5 -17.7 -50.0 316.4 363.9 74.7 -13.0% Net cash of R$ 1.3 million and a gross cash balance (cash and cash equivalents) of R$ 316.4 million in 4Q25 demonstrate the Company’s efficiency in generating value for its stakeholders even in challenging scenarios.
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cores 9 10 10 9 9 9 14 16 14 11 11 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 4.1% -4.9% -2.2% 8.4% 14.3% 16.2% 19.0% 30.2% 22.1% 20.4% 15.6% 14.25% 13.75% 7.00% 6.50% 4.50% 2.00% 9.25% 13.75% 11.75% 12.25% 15.00%SELIC³ Kepler's minimum level has improved: despite a scenario that is similar to the past, we have maintained strong margins, above the levels seen from 2015 to 2017. Soybean CBOT USD/Bushel¹ EBITDA% KW 2015-2017 | Margins < 5% 2024-2025 | Margins ~ 15% From 2015 to 2017, the EBITDA margin was negatively impacted by high interest rates and lower Soybean prices. 208 187 238 228 247 257 257 272 320 299 355 81% 93% 74% 79% 74% 73% 74% 71% 62% 61%71% Notes: Brazil's storage capacity covers 64% of its total grain production, while in the United States, for example, it reaches 108%. (1) Source: Cogo Inteligência; (2) Source: Central Bank of Brazil. Base date: 12/10/2025. 9 Demand for storage, strategy and management are increasing the current margins to levels totally different from those seen in the 3-year period from 2015 to 2017 Kepler’s profitability level cores % of Static Storage Capacity Harvest (million of tons) 4Q25 EBITDA Margin: 16.9%
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cores Diversification and efficient management support consistent results even in challenging scenarios. Sources: (1) Cogo Inteligência; Company Data. 10 Thesis, Strategy and Management cores The expansion and diversification of Kepler's business portfolio reinforces a strategy that ensures resilience in more challenging cycles. Storage deficit sustains demand for Kepler solutions, ensuring revenue resilience and continuity in the commercial pipeline. The industrialization of the agribusiness sector boosts the demand for complete solutions, strengthening the presence of Kepler as a partner in the modernization of the sector. Highlights: • Record Harvest expected in 2026 (359 million tons)¹. • Despite the challenging environment, the backlog orders carried into 2026 posted single-digit percentage growth compared to 2025. Connection and Value Creation in the Post-Harvest Stage Business Diversification Control of Expenses Kepler sees the monetization of data as a strategic lever, integrating digital solutions to the agribusiness sector. In recent years, the efficient management of costs and expenses has ensured the preservation of margins. Highlight: • In 2025, PROCER monitored 75 million tons and connected R$ 135 billion in grains, reinforcing data monetization as a strategic driver in the post-harvest segment. Highlight: • Decline in G&A: a 5.1% decrease in 4Q25 (vs. 4Q24) and a 4.3% reduction in 2025 compared to the prior year. Client Relationship Kepler maintains a close relationship with its clients, who demonstrate high levels of satisfaction with the quality of services provided. Highlights: • In 2025, the 22nd edition of Jornadas Épicas strengthened Kepler’s relationship with customers across Brazil. • NPS remained in the Trust Zone for the fifth consecutive year. Storage Deficit Industrialization of the Agribusiness Highlight: • Commercial progress in projects within the biofuels segment, with highlights including clients such as São Martinho (corn ethanol), Be8 (wheat) and COCAMAR (soybean oil). Highlights: • International Business reached record net revenue in 2025, reflecting the highest export volume in the last 10 years. • R&S net revenue increased 10.1% in 2025, with a CAGR of 25.4% between 2020 and 2025. Strategy Efficient ManagementInvestment Thesis
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cores 2025/26: Margins at a historical low level 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E 2,438 1,847 2,673 1,611 3,065 1,951 3,162 2,156 3,473 2,029 3,595 2,479 4,278 2,934 3,450 2,911 4,058 3,489 4,334 3,640 5,486 3,799 2010 4,199 10,448 5,917 8,344 7,608 9,467 6,839 7,742 7,541 7,648 7,5577,658 Sources: Conab; Cogo Inteligência. 11 25/26 period with high costs and margins at a historical low Soybean Producer Margins | Pressured Cycle cores Soybeans: Gross Revenue, Production Cost and Net Margin (Nominal R$/ha) – Médio Norte / MT Gross Revenue Costs of Production Net Margin Average Net Margin (2010-2015) Average Net Margin (2016-2020) 24.2% 39.7% 36.4% 31.8% 41.6% 31.0% 34.1% 31.4% 15.6% 14.0% 16.0% 30.8% 21.6% 55.6% 43.4% 8.8% 10.7% 2.6% 1.2%
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cores Sources: Conab; Cogo Inteligência. Note: The net margin calculation considers the consolidated profit from the three crops in relation to total Sales. 12 Despite resilient revenue, margins for the main commodities remain under pressure, below recent historical levels. Current commodity cycle is weighing on producer profits cores Soybean Production (MM tons) 140 131 159 151 171 178 Average price per 60-kg bag (R$) 170 185 155 135 138 121 Gross Revenue (R$ MM) 397,241 403,308 411,275 340,432 391,883 358,772 Net Profit (R$ MM) 220,866 175,036 36,192 36,426 10,189 4,305 Net Margin (%) 55.6% 43.4% 8.8% 10.7% 2.6% 1.2% Corn Production (MM tons) 87 113 132 116 140 138 Average price per 60-kg bag (R$) 55 65 78 71 80 80 Gross Revenue (R$ MM) 79,843 122,527 170,374 136,678 186,270 184,537 Net Profit (R$ MM) 54,852 71,801 8,859 18,178 26,823 21,960 Net Margin (%) 68.7% 58.6% 5.2% 13.3% 14.4% 11.9% Rice Production (MM tons) 12 11 10 11 13 11 Average price per 60-kg bag (R$) 67 77 72 67 70 70 Gross Revenue (R$ MM) 15,812 16,632 14,400 14,204 17,920 15,400 Net Profit (R$ MM) 8,146 6,486 4,608 3,409 896 308 Net Margin (%) 51.5% 39.0% 32.0% 24.0% 5.0% 2.0% 2021 2022 2023 2024 2025 2026E Total Production (MM tons) 239 255 301 277 324 327 Gross Revenue (R$ MM) 492,897 542,468 596,049 491,314 596,073 558,709 Net Profit (R$ MM) 283,865 253,323 49,660 58,013 37,908 26,573 Net Margin (%) 57.6% 46.7% 8.3% 11.8% 6.4% 4.8%
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cores 13 Despite resilient revenue, margins for the main commodities remain under pressure, below recent historical levels. Current commodity cycle is weighing on producer profits cores Net Profit of the Main Crops and Net Margin (R$ bn and %) –90.6% Producer’s Profits R$ 284 bn → R$ 27 bn From 2021 to 2026 Sources: Conab; Cogo Inteligência. Note: The net margin calculation considers the consolidated profit from the three crops in relation to total Sales. 2021 47% 2022 8% 2023 12% 2024 6% 2025 5% 4 2026E 284 253 50 58 38 58% 10 08 6 5 3 1 221 55 175 72 36 9 36 18 27 22 27 Net Margin Soybeans Corn Rice
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cores 14 Our actions in a more challenging environment Costs reduction in 2025 - R$ 7.4 million reduction in product and process costs - R$ 9.1 million reduction in warranty costs - G&A reduction, offsetting inflationary impacts Strengthening Actions - Customer Service and Relationship Management - Partial internalization of field assembly (KW Service), amplifying operational efficiency. - Focus on R&D: New products increased from 3% in 2023 to 12% of net revenue in 2025 Commercial - Prioritize resilient accounts and segments: biofuels, proteins and emerging crops (canola, sorghum and sesame) - Defending the current base before expanding: Renewals, upsell, cross-sell and upscale our share among existing costumers - Emphasis on value propositions: Fast ROI, cost reduction and operating efficiency. Final message Crisis is a moment for Discipline and Focus, not Retraction. Capital allocation discipline today for an even stronger Kepler Weber in the future. Keeping the engine running through the storm while cutting what doesn’t generate traction
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Q&A 4Q25 and 2025 Use the platform to make your question!
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+55 11 4873.0310 | 4873.0302 ri@kepler.com.br ri.kepler.com.br BERNARDO NOGUEIRA Chief Executive Officer RENATO ARROYO Chief Financial and IR Officer
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cores Annex I - Grain Storage | National Projects 17 cores 3.0 thousand tons 72.0 thousand tons 9.0 thousand tons Rodeio Bonito (State of Rio Grande do Sul) Delivered in December, 2025 Product: Corn Palmeira das Missões (State of Rio Grande do Sul) Delivered in October, 2025 Product: Soybean Carandaí (State of Minas Gerais) Delivered in November, 2025 Product: Wheat, Soybean and Corn
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cores Annex II - Grain Storage | International Projects 18 cores Carmen del Paraná (Paraguay) Delivered in December, 2025 Product: Rice Puerto Eva Perón - Chaco (Argentina) Delivered in December, 2025 Product: Rice Zanjita Yvy Ata - Villa Oliva (Paraguay) Delivered in December, 2025 Product: Rice 19.8 thousand tons 13.5 thousand tons6.2 thousand tons
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cores DISCLAIMER This is a support document to the earnings videoconference of Kepler Weber S/A for the third quarter of 2025. Statements contained herein concerning business prospects, estimated operational and financial results, and growth prospects for Kepler Weber are mere projections and, as such, are based exclusively on Management’s expectations about the future of business. Such forward-looking statements substantially depend on the approvals and licenses needed for ratifying projects, market conditions, the performance of the Brazilian economy, the industry and international markets, and, thus, are subject to change without prior notice. This performance report includes accounting and non-accounting data, such as operational information, pro forma financial information and projections, which are all based on Management’s expectations. Non-accounting data have not been reviewed by the Company’s independent auditors. cores