It is a pleasure to be here sharing this moment with you guys to talk about the second quarter 2026 and our earnings release with this investors conference today. We would like to consider our different scenario, different from what it is usually seen, and thank you very much for your participation.

I would like to pass the floor now to Marino so that we might start our presentation.

Good afternoon to all. Great pleasure that we start disclosing all the information about our second quarter 2026.

Sounds like we have technical issues here. Let me see what happened.

Here we go. Anyhow, let me just give you an overview of our history.

You are quite acquainted with it. Nevertheless, I would like to mention that the company was founded in 2009.

The first cold chamber, 2013, the start of operations of the first cold chamber. Then 2016, our industrial seed treatment, TSI technology.

2018, the launch of Seed Lab, and 2019, the company largest UBS starts operation, and 2020, the integration of TSI. And 2024, we had a follow-on, and then we in 2024 started a new with new crops, which actually gave room to new additions to our portfolio.

In 2025, two emissions of CRA at Boa Safra, and 2026, we started increasing our participation with corn and with our new unit from Syngenta located in Ituiutaba, and a joint venture in Nigeria, the investment that we have in Africa. Talking about figures, second quarter, we can see that page 5, on the first line, we have our net operating revenue, 23%.

Gross profit, 83%, from 38 million to 69 million. I think the good thing here is the new crops.

This is the reason for our gross growth. It is important to highlight the fact that for us at Boa Safra, we still have the third and the fourth quarter, which are actually the most important part of the year.

This is when we have the invoicing for soya, for soybean. Then you also have other cultures, as been mentioned.

We started in 2024 with other crops, basically we have those years of new crops. If the investor pays attention to the fact that there is this detail in our history for the first and the second quarters, we usually have a very low margin, even negative values, which is different from the third and the fourth quarter when we talking about results.

We still depend on soybean seeds the third and the fourth quarter, but less dependent now because of the other crops. That is shown on the presentation with the new crops and the additions to the result of the company, causing this growth in our gross margin, principally in the case of EBITDA.

You can see that we coming from a negative EBITDA to a positive value, and the adjusted EBITDA the same. The final net income, we move to the results that you see.

Basically, this is the result that we had for the second quarter. From now on, we are likely to keep growing with those new crops and to be a little bit less dependent on soybeans.

As a matter of fact, nevertheless, soya is still growing and there's still great potential. Let us now talk about capacity and production.

We talking about soybeans. This is the first year we don't, the first year we don't grow in capacity.

You can see when we move from in 2021 from 130 to 170, then to 200, 240, to 280, we increased a little bit of the hired area. You can see in the second graph, the contracted area is basically production fields.

Those are growers that are our partners. They are producing seeds.

Despite of the fact that we haven't increased our plant capacity, we hired more area, or we contracted more area, as he says. It sounds like we were kind of envisioning, right?

No, but as a matter of fact, we wanted to have more available fields, more area available to have to count on high-quality standards. It was difficult to produce seeds, and this contracted area helped us quite a lot.

Here, on the bottom of the page, you can see our the stock of our finished products from 743 million, there was a drop to 621 million. We have less stock this year, we kind of managed to decrease those figures not because of volume, not focusing on volume, but also focusing or centering our attention to price, we actually get to have a less expensive raw material with a drop of price.

Now, we have less value for raw material, and then there was less need for cash. Let me mention a little bit of our units, 18 in total, including our offices.

Two offices that you we have there, 16 units. Those are the units that we count on today.

Let me mention that right here, you have a contracted area of Ituiutaba. This is unit number 12, and we have our fodder plant, our unit 13.

Then you have Boa Safra plants, and we have two plants also that I would like to highlight, number 7 and number 8, located in Paraná. When you look at a map, when you check out the map, you see our national presence throughout the territory.

We are present in main soya areas, we are present in those areas of production of soya. Let me show you now a bit of the our order backlog.

It is very important to see that our backlog shows how much we have in terms of products. I always like to compare same period, second quarter 2024, a little bit before in time, right?

You can see 1.2 billion in our order backlog comparing to the second quarter of '25, 1.7 billion, and currently we have 1.8. That brings us to a record in our history.

Most of that will start to be invoiced in August, in September. Now, this is when we start planting or sowing, we keep our invoicing, our turnover, you can see on the third and the fourth quarter.

This is very interesting. This gross revenue, you can see that how it is linked to what we have in our backlog orders.

There is an increase on the first and the second, and then the third and fourth it goes it goes down, but then, of course, the invoicing is totally the opposite, it starts low and then it moves to moves up. Talking about diversification of our portfolio, you can see the presence of new businesses, new new crops.

This year, 59 million reais in soya, this value, and 31 million reais in new crops this year, we can see the comparison. We increased 90% from 31 million to 59 million.

If you check what we had in 2024, you can see how much we had. Basically, we are twofolding every year.

We twofolding our invoicing or our results every year with the new crops. Now specifically talking about new crops in the last 12 months, new crops represent 14% in the entire result of the company.

We believe that there will be a little bit more than that by the end of this year, basically this is something that didn't happen in 2024. That is just two years ago.

The result, the curve is going up at very good pace. Let me pass the floor to Felipe Marques.

He will talk about our financial data prior to our Q&A session.

Marino already mentioned some figures to you. You can see here our growth of our LTM.

When you see that you have to consider this seasonality at the 35%. When you see the quarter, actually, we are aligned with what happened that previous year, but with more than 60% due to new crops compared to soya seeds.

That shows our diversification strategy. Now, the gross profit from 82%, when we talk about the quarter in 2025, when we talk about the LTM, we have the increase of 24%.

We reaching 280 million. EBITDA, adjusted EBITDA, with this new improvement, we can see we moved from 5 to 28 million.

LTM, also a 4% increase. Every project that is efficient, of course, based on our decisions in December last year with the expenditures of the company, we can see the results being reaped after six months since the new restructuring.

Now we can show how much improvement we had with our indicators with this quest on improving our efficiency. Our net income, 3 million reais, that is a very positive result, so that shows and proves the impact of our diversification.

LTM, of course, we are in the wake of what happened in 2025. That was a major impact, and the result here, you can see the reduction to 21 million when you analyze what happened in the last two semesters.

Adapt our profile is very important. That shows our work.

We were trying to, in long term, get less stress, and that was actually a decision that strengthened the results of the company, and now we have the optimizations and negotiations with the traders. With this kind of small growth in soya and give a boost to other crops, so that demands less cash from us, less working capital.

You can see here the net debt comparing to the results from 800 to 620, we maintained the current ratio of 2.9 times. Considering the accounts receivable, short term, very short, when you reduce that, you have only 407 million of net debt in accounts receivable.

We're actually forming stock. Actually, this is the worst moment to us when we talk about working capital, and we will be talking about working capital further down today.

Our amortization schedule, 92% in the long term, that shows that we're actually getting this high levels of liquidity, which is one of the strength aspects or strong aspects in the agribusiness. At least in most companies, this is always a bottleneck.

Now, with regards to working capital, there was a relevant reduction with our new efficiency project, capital allocation, our NCG. When you check 2025, 1.2 billion, it drops to 769 million reais, even growing in terms of revenue, you can see that we managed to work well principally with regards to the working capital requirements of the company.

That proves that we are being quite efficient in terms of efficiency and renegotiation with suppliers. At this moment, we are quite sturdy.

We are able to renegotiate our terms, payment terms. We have greater demands from the stock point of view, principally when you see the issues related to accounts receivable, our clients, it is a good way to offset those increases, and principally with regards to capital allocation and when we are dealing with our suppliers.

With regards to our accounts receivable, you can see that from the second quarter, we have an increase in 80%, of course, due to our diversification with the new crops, principally on the second crop. You can see that there is more time, but our CDBC, 16 billion of receivables, 14% receivables in the second quarter of 2025, you can see that it goes up to 30 million, but very close in terms of percentage if you compare to the receivables of '25 compared to the receivables of this second quarter '26.

Our policies are very strict. There is austerity.

As long as we managed to get diversification, we bring those results. Out of 213 million reais that we had in our receivables, 99 million have been cashed in.

114 million is still to come, and that is with regards to accounts receivable and in our balance. Cash flow, the main aspect, we talked about the growth of the company with the new structure, negotiating terms with the suppliers.

There's a good cash flow, 204 million. Investments, a little bit more than what we had expected.

There was more investment in some units, specifically with fodders, cover much more volume. There is more volume to increase those results, of course, because of the price, the drop in price.

We had to increase our installed capacities. There was more investment for seeds used in fodder.

Cash flow, second quarter, as we mentioned before, was to combine investments of the company along with the capital allocation, and you can see this cash generation in capex of 150 million reais, and this is the intention. We wanted to generate more cash and increase liquidity and keep growing in other sectors of Boa Safra where we operate.

That's it. With that, we conclude our presentation.

We shall move now to our Q&A.

Hello, good afternoon to all. Our question is with regards to cash flow generation and this working capital.

This condition is quite along with the line in the operation with the suppliers. Of course, if I'm not mistaken, it is related to the royalties of the seeds.

I would like to understand from you how we should look at this. Have you changed the payment terms or days for the second semester?

Perhaps you need less working capital from now on. The second aspect of my question is, can you tell us how you see our backlog order for soya, because since we are kind of 1.5 month after the end of the quarter, is there any kind of reaction from growers, any kind of signs from them?

Thank you very much for your question, first of all. Now, talking about the suppliers, as a matter of fact, this is something that we somehow had more impact.

There are two aspects here I have to consider. First, we are the best company in terms of liquidity in the sector.

There are several restrictions in other companies, and many growers that are having issues regarding liquidity, which is the reality in the market. We managed to postpone payments to those suppliers considering our solidity, they feel comfortable about allowing this to happen.

If there is any case of having to pay on this third quarter of the year, we can find or achieve better conditions, which would be much more favorable to us. We are negotiating individually.

That depends on the evolution, on the negotiation, and if we kind of pay down in advance, we are probably going to get much better conditions. If we cannot, we still postponing the payment, which is giving some release or relaxing a little bit more, and we have less pressure of our working capital, and that would be a positive thing for the third quarter.

With regards to backlog order, let me ask Marino to give you the answer.

Hi, Guilherme. We have good businesses every day to us.

This volume of businesses is not common in the third quarter, but as a matter of fact, it's much related to having growers that kind of entered in deals in the beginning of the year, but then there was a war and there was that question mark. Is this war going to last 20 days, 30 days?

Most growers ended up paying more money for inputs, and of course, fertilizers play a very important part. They bought at a much higher price, and now they are buying the seeds, in this, we will kind of produce this delay for both fertilizers and chemicals used and the seeds.

We've been running market researches. Considering the results that we got so far, we're kind of ahead if we compare our situation to the rest out there.

There are many growers that haven't got their seeds as yet, we're cool about it, and our orders are supposed to keep growing on the third quarter.

Perfect, and thank you very much, Marino and Felipe, for your answers.

Good afternoon, Marino, Felipe. Thank you very much for welcoming my question.

There are two questions, as a matter of fact. The first is about the production volume.

You mentioned that you have 90% of our need for soya until the end of June. I understand if we are considering our production capacity, we're talking about 252,000 big bags compared to 305 last year, which was beyond our capacity.

Considering the volume of production to the whole year, was there any evolution the most recent months, or let me know if you are kind of going to a year in which production will be less important? Is there any change in the expectations with regards to the form of selling seeds?

Last year, we had a lot of production, but a high discharge as well. Is there any change in expectations in terms of the sell of seeds?

This is the first aspect of my question. The second is a follow-up with regards to the backlog order, Marino.

Perhaps to you, if you can compare this today to what we had last year. I know that you are not talking about price, but what about quality of sales?

Is this something that is making headway in a better dynamics, even considering the last volume in the production and the market, perhaps something similar? This would help us understand how this is going to be on the second semester.

Thanks, Henrique, for your question. Felipe will probably also give us his opinion, but with regards to the production volume, we might reach 90% of our capacity.

Despite of the fact that we still have an internal goal of a reduction of volume, a very close volume to what we sold last year. This is something that would kind of help us drop our excess and get to the average stock, considering the history that we have.

Of course, this is very selective, principally in terms of quality. We have the best quality of our history today.

Certainly good quality. This is going to cause less losses.

This will reduce cost. We're going to be very strong, there'll be more efficiency.

We managed to improve the processes in several plants, and this is quite evident this year. About the second part of the question, the backlog order, I see two sides of the story.

On one side, we are very tight in the agro. There are several challenges in the sector.

On the other hand, I feel that we managed to get more healthier prices. We talking about raw material, much better prices this year.

That helps us a lot. There's more offer of seeds in my understanding, for two reasons.

First, it was difficult to produce seeds. We had estimated 100%, but we actually got 90% of the profit, but we feel that many of our competitors decided to reduce their volume.

Everybody is unaccelerating, removing the foot from the accelerator. The market is getting adjusted.

Today, we have less offer of seeds in the market, and it is a healthier market. As much as possible, we work with much better margins if we could compare to what we had last year.

Actually, because of the decisions we had in planting soya, but nevertheless, we don't see any risk for reducing, as our demand for seed is still there. It is just a postponing thing.

As we mentioned, there's the lack of liquidity. Everybody has planned to plant less, the cost of money is less, of course, because of the excessive stock that we had last year.

Naturally, we have this adjustment decreasing the estimate of productions, of course, in conjunction with climate events, and all combined caused the reduction of seed offer. We decided to maintain our prices, and we understand there will be more trade in the third quarter.

Also, we have the best index in terms of quality. Last year, we actually took the foot out of the accelerator, yes, but then today we can see the results of the second quarter with the soya seeds.

We kind of internalized raw material, we decrease the cost, we are selling more treated seeds, and this is going to be even stronger in the third and the fourth quarter, converting those standard. Which is something very relevant.

The bad quality seed is out. We are managing to grab this chance, solidity of a company that meets all targets on the second quarter.

We show how competitive we are and how different we are from the rest out there. That is really causing best sales and the best results, which is something that we are sharing and we are going to be sharing in the near future with you.

Thank you very much, Marino and Felipe.

Good morning. Thank you very much for the question.

I would like to ask you two things. Efficiency journey, I know that you talked about several things.

Accordingly to what you said, it looks like everything is doing well. Now, I would like to just ask about your initial expectations.

When you started bringing that to the table, when you talked about efficiency in the beginning of this year, 2026, how do you compare what you said to what is happening now in terms of reducing the stock and any kind of evolution? Second question, trying to communicate in tight discussion with the margin.

We see that the backlog order going up, diversification sounds to be very positive, but I like to have this in figures. How much do you think you are on track to get to the margins that we had last year?

Even if we are late, what do you expect to see in 2026 if this is a year of transition, in fact?

Thank you. Gustavo, let me mention those things that you just asked me for about our efficiency journey.

There were several lines. Cost reduction, we always pay attention to cost.

We focuses on growth. You can see the graph of growth and how much we grew, almost 30% last year, in volume, it's a lot.

Whether you like it or not, it's a strong growth and you get bogged, you have to reorganize our costs, at least in my understanding. The second thing is quality.

We opened several plants. Not all of them have the same level of efficiency, at least compared to what we had originally in our plants.

We had a training efficiency at the plants, and that actually very successful. Still have lots to be done, but results are quite remarkable in all plants, everybody going in efficiency higher up.

We gained efficiency basically in all our locations. The third thing would be quality.

We tried not to bring anything that would eventually be questionable. The company would pay a very high cost to just get something to the market that is not according to our quality levels.

We are really paying attention to that. We had the best quality in our history, in the world that is very difficult.

This aspect, that of the quality, is something that combines this triangle. A fourth thing is portfolio.

We're talking about an even greater portfolio reduction. We had remainders, and those, actually, it's difficult to compare years when have a lot of high results when we talking about the commodity and compared to a more difficult commodity year.

We had a lot of stock. That was a problem, and the margins went down because of the excessive amounts of stock, more than 25% in volume last year.

It's too much. We have had even 17% in volume that was left behind, and that discrepancy was killing us.

We wanted to know how this discrepancy was affecting us. Only, of course, a loss of quality and the cost, and that was affecting our results.

About the margins, well, we are dedicating efforts to get back to our history margins even in a year that is difficult. We still believe that it would be possible to get back to our average results.

We are doing our homework, and us in management, we feel that the company is much better conditions if you compare to what we had in the past. If we keep this track based on economy, efficiency, and all plants with high levels of efficiency, we can improve our margins, we can get organized.

I always tell my team, we have to keep getting organized, even in the conditions that are more challenging in our agribusiness. We can even say, well, worst things are done.

Soya is changing, things are much better today. We can project or anticipate the demand for the coming year, actually.

Before, we had excessive offer of vegetable protein. Now, everything is so much more balanced, and everything makes me believe that we're going to have much better prices, and this year, that shows that we're really moving away from the worst scenario today.

What we should do is prepare the company so that we do not get to make the same mistakes that we made in the past, and we reap the best of the chances that we have this coming times. Of course, with a very strict backlog order, I believe that we have a promising future ahead of us.

As considering the absolute numbers, figures, they're much lower, and also the relative figures, so that goes aligned with what we had planned, our budget for this year, at least what we have today. Let us believe that we going to have something that is aligned with what we have discussed with our board.

Of course, we still expecting lots of things on the second semester, but everything that we had with our specifications, our new crops, and so everything is showing good, positive results and different from what we had in the past. Of course, last year was very difficult, and actually very doubtful, and that was kind of shaking the history of the company.

We grew a lot, the margins, and because of the structure that we had in such a challenging year like 2025, we now get a much better condition despite of the fact that sometimes it sounds like, as Marino mentioned, that, well, things are improving, even what we witnessed three months ago. It sounds like the worst is done, has passed.

Now we just get back to our history, profitability. What all that shows that we doing our homework, what we observed in terms of raw material and everything that we get as results.

Everything shows that we going to have better results in increase our positions to enter 2027 in a much sturdier or a much stronger situation. We see that there are several hints.

We improving from the micro and macro aspects of the results of the company. My understanding, we know that two years ago, we saw what was happening.

60,000 big bags, M&A, according to our understanding, that had installed some millions in terms of EBITDA, but in a region. We made a difference.

This growth, more than 10% share, of course, that was the result and that was the price that we paid for the growth. Now last year we have secured the growth, and we're going to keep here this year the same levels of sales, getting our margins back to track.

Perhaps that was a good savings.

Thank you very much, complete answer, very good. Thank you.

Good afternoon. Thank you very much for welcoming my question.

There are two follow-ups that I would like to hear from you. Of course, you're talking about increased price and the margins in the last few months.

You see the competition from a reasonable point of view, and that has been mentioned in previous calls. Is this something recurrent?

Is this combined with the weather during the harvest season? If there is an improvement in weather, do you think that it will be more rational, more volume?

You think that the things will get better? What about the TSI seeds?

Because the results are flat. I would like also to hear about the evolution with regards to best way, best way has twice folded the revenue, and there is some more relevance also in the backlog order with other seeds.

Do you think that it is reasonable to accelerate investments in those areas?

Thank you. Thank you, Pedro.

Other crops, I will just give it to my friend here. Now, with regards to competition, maybe in the future, you might have prices, I cannot guarantee that in full to you, but I feel that there is a great excess of volume in the sector.

Where all the competitors that had so much left and they couldn't grow, they were just there in the middle of the curve of growth, they kept the volume last year and so there was this shock. Other thing that happened in the sector is that they were having to tighten up the belt with regards to working capital.

You have all that seed and you had to sell it, and you had a cost. I think that there is the wait because of climate with the offer this year.

In my understanding, there is this structural component. There are several seeders, actually we have association, we always keep talking with all those seeders in our region here.

Everybody, they say, everybody is quiet. Nobody's talking about investment or growth or increasing area or increasing volume in the sector, much of the country.

Everybody is quite tense, there's a nerve in the air. I think that a crisis, very difficult years, people get organized and the sector gets organized.

This is a little bit of what it is happening. It's more like a structural thing.

If we have a boom in soya again, I don't think this is happening. I think we are kind of witnessing better prices, but even if it is something that happens in the world, we never know, there is a boom, there will be more euphoria and there will be offer, and that happens.

My understanding is much more towards a structural aspect. Now, TSI, increasing sales, doing well.

There's a lack of hand work in the field, the producer wants to buy seeds in the best way. The best way, they open a bag and plant.

Bottleneck, I don't see much of the use of high technology, a product with high technology, with biological, innovative products. That is much lagging behind in terms of the demands that we may meet.

When we offer a booster of biological nematode control, they're going kind of doing the basic, basically. We have 1,500 to 5,000 offers in terms of treatment.

That difference in price is too much. Our margin, of course, even greater if you using 5,000 material compared to what the 1,500 reais material.

The producer is associating the cost, it's kind of fixed to the cost. He thinks about the quality of the seed, but they try to use a lower cost in the product and fertilizers.

I believe, though, that we're going to have less offer, and I believe that the price will be very kind of firm. If everybody is using less technology, there will be less production, and since the offer and the demand is quite balanced, at least even considering that the offer is kind of lower, the price will be still good.

I'm not talking about it's going to be a bull market, but I believe that this is something that might have to be considered, at least better compared to what we saw this year. Let us see what Felipe can say about it.

Just adding to what Marino has just said, I think that was a change in the structure in terms of the capital. When we started with the IPO, we had capex, that was a good deal in terms of capital, 2,500 reais the capex cost, UBS, RCD.

Now today, when we see those more strict margins with more capital, working capital being used, you can see that the cost to produce, 7,000 reais. The opex is used for one big bag, that is twice as much of the capex.

In the past, we could generate cash in the operation, but it is not what we see today. There's more added value, there is the difficulty of cash.

You might have installed capacity, but if you cannot stand with the opex, yes, you have a growth issue here. It's not only to have installed capacity, we're talking about twice as much capital to be allocated, and it is immobilized.

This makes it more difficult because there are big loops. The opex in a past year was almost more than twice of the capex.

Seeds with more technology is a trend. Now, diversification, what we witnessed was that this grower has to have more crops, produce more.

How? They have to produce more, they have to use the second crop, sorghum, fodders.

Of course, this produces good results, gather the best soils, improve productivity. They can make more money if they able to get the second crop and to improve their profitability.

This is the way they are going to get the best results in the end of the day.

Thank you very much. Thank you for your answer.

That's clear.

Now we would like to thank you all for your participation of our conference for the second quarter 2026. Thank you very much to you all for the questions and thanks for your participation.

All investors, thank you very much. If you have any further questions, you might get in contact with our RI.

We're going to be glad to be answering your questions. Once again, thank you very much, and greetings to all.