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São Martinho Resultados 1º Trimestre Safra 2025/26 12 de agosto de 2025 São Martinho Resultados 1º Trimestre Safra 2025/26 12 de agosto de 2025 São Martinho 2nd Quarter 2025/26 Harvest November 11, 2025
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2 ▪ This presentation contains forward-looking statements relating to the business outlook, operating and financial projections, and the growth prospects of São Martinho S.A. These statements merely represent projections and as such are based exclusively on management’s expectations about the future of the business. ▪ Forward-looking statements are no guarantee of performance. They involve risks, uncertainties and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur in the future. ▪ Investors should understand that general economic conditions, industry conditions, climate and other operating factors could also affect the future results and could cause results to differ materially from those expressed in such forward- looking statements. DISCLAIMER #8EC89A #004881 #00983A #7F7E77 #FFCB05 #002855
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3 AGENDA GUIDANCES1 FINANCIAL HIGHLIGHTS2 MARGINS: SUGAR CANE3 SALES vs. GUIDANCE4 SUGAR MARKET | HEDGE6 5 CORN OPERATIONS DEBT7
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4 PRODUCTION GUIDANCE #8EC89A #004881 #00983A #7F7E77 #FFCB05 #002855 Adverse weather conditions: • Lower rainfall occurence • Lower productivity (-2.7%) • Lower average TRS (-1.6%) Sugar-Ethanol mix: 49% - 51% • SP Mix: Max-Ethanol since Sep/25 • Reflecting market conditions There were no changes in the production estimates for the corn etanol operation End of São Paulo units’ Harvest period until 20th November/25 Updated 12M26 Guidance 12M26* Var. (%) Operational Data Processed Cane ('000 metric tons) 22,000.0 22,600.0 -2.7% Average TRS (kg/metric ton) 137.6 139.9 -1.6% TRS Produced 3,026.6 3,161.1 -4.3% Production Data Sugar ('000 metric tons) 1,420.1 Ethanol ('000 m³) 914.2 Cogeneration - Exports('000 MWh) 878.0 Yeast ('000 metric tons) 20.5 Sugar - Ethanol Mix 49% - 51% (*) Initial Guidance published in Material Fact Notice dated June 23, 2025.
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5 CAPEX GUIDANCE : Updates (1) Crop 24/25 considering only Cane Operations. #8EC89A #004881 #00983A #7F7E77 #FFCB05 #002855 -5.3% Total Capex 12M26: BRL 2.8 billion Maintenance • Optimization of planting and crop treatment costs • Changes to the agro-industrial maintenance schedule (totalizing BRL 30 MM) Operational Improvement • Adjustments to the replacement schedule for the agricultural and industrial fleets Modernization / Expansion • Disbursement schedule for projects in the final phase of completion Values expressed in thousands of Brazilian reais (BRL thousand)
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6 FINANCIAL HIGHLIGHTS #8EC89A #004881 #00983A #7F7E77 #FFCB05 #002855 1 - Excludes the effect of Hedge Accounting for foreign currency debt and PPA USC and includes Financial Revenue from Real Estate Business. The data does not include the impacts of IFRS 16. SUGAR (‘000 tons; BRL/ton) VALUES IN BRL ‘000 ETHANOL (‘000 m3; BRL/m³) 2Q26 1Q26 2Q25 ∆ 2Q26/1Q26 ∆ 2Q26/2Q25 Net Revenue¹ 1,739,702 1,857,459 1,960,474 -6.3% -11.3% Adjusted EBITDA 816,892 805,025 943,108 1.5% -13.4% Adjusted EBITDA Margin 47.0% 43.3% 48.1% 3.6 p.p. -1.2 p.p. Adjusted EBIT 366,812 331,103 497,242 10.8% -26.2% Adjusted EBIT Margin 21.1% 17.8% 25.4% 3.3 p.p. -4.3 p.p. MTM Swap (120,916) (3,631) (31,207) n.m n.m Variation in Biological Assets (36,217) (65,225) (116,327) -44.5% -68.9% Net Income 176,416 62,829 187,449 180.8% -5.9% Cash Income 209,066 157,026 398,619 33.1% -47.6% Leverage (Net Debt / Adj. EBITDA LTM) 1.57 x 1.36 x 1.35 x 15.4% 15.7% 1 - Excludes the Hedge Accounting effect of foreign- denominated debt and PPA USC and includes Financial Income from Nt Income (BRL ‘000) - 2.5% - 5.9%
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2,705.2 2,794.5 2,671.0 2,780.3 -1000,00 -500,00 - 500,00 1000,00 1500,00 2000,00 2500,00 - 1000,00 2000,00 3000,00 4000,00 5000,00 6000,00 6M25 6M26 -1.3% -0.5% 0 0,5 1 Ethanol BRL/m3 #8EC89A #004881 #00983A #7F7E77 #FFCB05 #002855 7 +0.8 p.p. +3.3% +4.1% PRODUCT MARGINS: SUGAR CANE Cash Cost PriceMargin1 1 Adjusted Operating Margin, segregating the impacts of price variation by product in the composition of Consecana and considering them individually in the costs of sugar and ethanol. Sugar BRL/ton 1,995.0 1,918.7 2,491.1 2,377.6 -1000,00 -500,00 - 500,00 1000,00 1500,00 2000,00 2500,00 - 500,00 1000,00 1500,00 2000,00 2500,00 3000,00 3500,00 4000,00 4500,00 5000,00 6M25 6M26 19.9% 19.3% 0 0,1 0,2 0,3 0,4 0,5 0,6 -3.8% -4.6% -0.6 p.p. Margin Stability (versus 6M25) • Cost variations reflect price movements of the respective products • Lower cost dilution due to reduced productivity • Higher industrial efficiency
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8 SALES vs. GUIDANCE #8EC89A #004881 #00983A #7F7E77 #FFCB05 #002855 51.2% 44.0% 43.2% 52.9% SugarEthanol Cane Ethanol Corn Total TRS Sugar: • 51% invoiced • 41% priced Sugarcane Ethanol: • 44% invoiced • 56% to be priced Corn Ethanol: • 43% invoiced • 57% to be priced Produced TRS: 53% marketed and invoiced
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Corn Position (in 30/09/25) Actual6M26 9 CORN PROCESSING #8EC89A #004881 #00983A #7F7E77 #FFCB05 #002855 1 Quantity in tones (‘000), base date 30/September/2025.. 6M26 6M25 ∆ 6M26/6M25 Net Revenue 424,880 278,195 52.7% Ethanol 308,841 193,097 59.9% DDGS 91,610 71,699 27.8% Corn Oil 20,893 13,399 55.9% CBIOS 3,536 - n.m. Cost of Goods Sold (COGS) (278,705) (223,134) 24.9% Corn Purchases (206,549) (180,164) 14.6% Industrial (72,156) (42,971) 67.9% EBITDA 146,175 55,061 165.5% EBITDA Margin (%) 34.4% 19.8% 14.6 p.p. (-) Depreciation/Amortization (12,498) (16,723) -25.3% EBIT 133,677 38,338 n.m EBIT Margin (%) 31.5% 13.8% 17.7 p.p. Crushing: • 278.5 ktons • In line with Guidance Corn Cost: • 6M26: ~BRL 53/bag • Future Deliveries: ~BRL 53/bag (In line with the 2024/25 Crop year) • Inventories: ~ BRL 52/bag Performance: • Margin improvement driven by lower corn costs • (-5% vs. 6M25) • Higher DDGs prices, given regional market conditions • Operating expenses as planned and expected to normalize in the 25/26 crop year (~BRL 120 million, in line with prior season) Corn Purchases (Tons) Gross Price (BRL/bag) Net Price (BRL/bag) 25/26 Harvest 383,364 64.1 52.2 Physical Stocks 265,139 62.4 52.0 Forward Delivery 118,225 68.1 52.5
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10 Sugar – 6M26 Actual - BRL/TON Own Cane 2,407 Consecana 2,247 Price 2,378 1.7 -2.5 -4.8 3.9 -0.4 -2.2 -5.2 2.8 18/19 19/20 20/21 21/22 22/23 23/24 24/25 25/26E #8EC89A #004881 #00983A #7F7E77 #FFCB05 #002855 1 ² Source: Datagro SUGAR MARKET | HEDGE HEDGE POSITION 30/09/25 SUPPLY vs. DEMAND2 MM TON: (Datagro 28/10/2025) INDIA 26.1 | -18% 32.8 | +26% BRAZIL (CS) 40.2 | -5.8% 41.1 | +2.2% 2024/25 2025/26E THAILAN D 10.1 | +15% 11.1 | +11% Ethanol: 15.5 c/p= FX BRL 5.3/USD SUGAR USD 14.2 c/p1 + SUGAR PRICE PREMIUM Sugar – Own Cane HEDGE+MTM - BRL/TON 1 Crop 25/26 ~2,467 Crop 26/27 ~2,080 Volume 194.0 ktons Additional FX Positions (26/27) FX 6.1 USD/BRL Sugar hedged (tons) Avg. Price (USD c/p) Avg. Price (BRL/ton) 25/26 Harvest 558,433 18.27 470,274 18.27 2,416 88,159 18.27 not hedged 26/27 Harvest 101,199 17.78 2,371
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11 DEBT #8EC89A #004881 #00983A #7F7E77 #FFCB05 #002855 VALUES IN BRL ‘000 set/25 mar/25 Var%. Agribusiness Certificate of Receivables (CRA) 2,509,976 1,953,079 28.5% BNDES / FINAME 2,110,904 2,028,052 4.1% Working Capital/ NCE (Export Credit Note) 98,610 378,501 -73.9% Debentures 2,505,170 2,447,440 2.4% PPE (Export prepayment) 0 58,755 -100.0% International Finance Corporation (IFC) 1,391,343 1,223,634 13.7% Gross Debt 8,616,003 8,089,461 6.5% Cash and Cash Equivalents 3,211,718 3,163,227 1.5% Net Debt 5,404,285 4,926,234 9.7% % Debt in USD -1.6% 2.2% -3.7 p.p. LTM Adjusted EBITDA 3,451,687 3,445,216 0.2% Net Debt / LTM EBITDA - BRL 1.57 x 1.43 x 9.5% Net Debt / LTM EBITDA - USD¹ 1.68 x 1.40 x 19.8% 1 - LTM EBITDA av erage daily PTAX: mar/25: R$ 5.61 e set/25: R$ 5.70 Changes in Net Debt ( BRL million)
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