Good afternoon, ladies and gentlemen. It is a pleasure to be here to talk about our 4Q 2025 earnings results.

I'm going to pass the mic to Marino, and we will conduct the presentation from now on.

Good afternoon. It is a great pleasure to be here sharing this hour with investors to disclose our results of the fourth quarter 2025.

Let me go now to page 4. I would like to show you a bit of our history.

We are celebrating five years. Five years of being on the list.

April should be the fifth year of our company to be listed on the stock. Felipe will be talking about our CRA, the two emissions of CRA, which puts us in a very comfortable situation with regards to our debt.

Of course, along with that, I would like to highlight to the fact of we had the acquisition of [Sementes Bastos?] , which is our forage company.

The company was part of our move in 2025, the beginning of the year, and there was a good result and growth. In addition to that, our expansion to the south of the country, which contributed to our market share.

I can say that today, we are the only seed company, or at least the first seed company to be working in the entire territory. 100% of the country is counting on our presence.

We are operating in our whole territory. We're going to be talking about what happened in 2025, Ituiutaba, that unit actually with [Bastos?]

, that was actually something that we started with the [Bastos?] seeds.

Now, please let me invite you to take a look at page 6. I see this is a great highlight to us and the company.

It's part of our good news for this year. Actually, those are the most important pieces of news.

In our company, we've been working hard on meeting the needs of increasing number of companies in 970 visits paid a month. That was last year.

996 points of sale, so that was where our seeds were. This is a important mile marker, principally if you compare to what we had in 2021.

2021 was marked by the top 10 sellers. More than 40% of our sales would be concentrated.

Today, we have 12% of concentrated sales in the 10 top companies. Basically, we are spread out.

That, of course, entails some cost with SG&A, but we consider nevertheless that is very important to control a bad debt. Then we are no longer focusing or concentrating our assets in just a small set of companies.

With regards to our market share, there was a gain of 2 p.p. That great growth was basically on the third and ranking third three of third and fourth as in one year.

That our growth was equivalent to 2 p.p. Basically, that was supported by the evolution of the regions.

This when we compare to what we had in 2024, jumping from 8% to 10%. Now, with regards to our production capacity, basically, keeping the same.

Starting 2026 with the same capacity of 2025, but considering the same productive area with an extra 30,000 hectares. It's too soon for us to reach that production capacity, this is one of our challenges.

There is some idle capacity, but this is one of the strategies for us to improve our results, to decrease our idle capacity in 2026. This is why we are working with more land.

Contracting the area has increased without changing our production capacity. Now, our idea is to reach 100% use our plant 100% of its capacity.

Now, you can see on the bottom of the slide the sale results, 215,000 big bags. This is our record.

We have never sold so much throughout our history. TSI was not exactly as we expected because there was a crisis in the agribusiness.

Our growers actually ended up using less technology when it comes to seeds, and that was something that really hindered our results when we talk about TSI: 215 and 69 of treated seeds. Let me talk a bit about our presence.

This is a company present in all regions of the country. Highlights to the new units, the additions that we had in 2025: Tamarana, Paraná; Faxinal; these are two soya or soybean units; and also Penápolis.

Penápolis, forage. This is part of our business.

[Sementes Bastos?] is located in São Paulo, and this is part of our business.

Yesterday, we entered an agreement with Syngenta through [Bastos?] , our subsidiary.

66% of their capital belongs to us, and that is in Ituiutaba. We are twice folding our capacity with [Bastos?]

, that is for corn seeds. With this lease using our plant in Ituiutaba for corn, we envision a possibility of growing a lot, principally in terms of growing with corn seeds.

As a matter of fact, the last two years, that was kind of sluggish. The market was very sluggish, and now that changed.

The market is growing, and we bet that this will be a very good result for us to recover what we wanted to have. Basically, these are two years since the follow-on, and the idea was to enter new agreements with international companies for us to grow on our portfolio and producing corn and, of course, entering in other types of alliances, and things were kind of going slowly, but this is now marking a new era to Boa Safra.

We're going to be established or we are just going to be among the major corn producers in the country. Now talking about our backlog.

This is the way we operate. Our backlog is very strong.

It is always growing in the first and the second quarter. Our order backlog is something that start reaping results on the third and the fourth quarters.

Fourth quarter is more significant. Out of those 150, those are soya to be invoiced in this period of time.

The results, the figures will be very similar to what we had last year. $120 million is the highlights, considering other crops that we are going to be reaping or invoicing in the first quarter of 2026.

Let us move now and talk about other crops. We are growing strongly in other crops, with other crops, of course, not talking about 300 million out of the 2 billion, but there was a growth of 81% when 88%, as a matter of fact, with new crops.

This is the composition of our company. As a matter of fact, we're kind of twice folding every year, roughly speaking.

We believe that until 2026, we will remain doing or operating the same way, or growing at the same pace. Of course, those new crops are increasingly more relevant in our business.

Page 12 will be in the hands of Felipe. He's going to be talking about our results in numbers.

Thank you, Marino. Now catching back with you guys.

Of course, we talking about annual results. We move away from seasonal results and variations and all the fluctuation from quarter to quarter.

Let me talk to you about the fourth quarter 2025, talking about our sales. As a matter of fact, that was a stronger quarter, not necessarily in terms of results.

In the end of the day, considering the fact that you already heard about the droughts that we had and the climate fluctuations and even with a record high that we had from year to the next year in terms of soya seeds, we expected to have more, but there was this drought that we had. As the sale of grains has very low margins that affected in the end the results.

That drop in the gross profit is basically a result of the sales of grains and this lower profitability of 62 million, and as a consequence, that affects our EBITDA. You can see that it is a little bit more timid: 58 million, which is equivalent to adjusted EBITDA margin of 55%.

That impacts the punctual result, but if you consider the entire year of the company, you still see that we were living a very difficult year. 2025 was difficult, and we don't see many who grew from year to year.

This is the major growth in volume of soya seeds. This is in our entire history, in such a difficult year as 2025 was.

Market share: 10%. That is the scale, something that we were really pursuing.

I believe that now as we start 2026 with those 10% market share, considering the difficulties that we had in the year and to get a good grip of price and profitability, and with the difficulties, we still are able to get to the end with R$270 million with a margin of 10%, with the EBITDA of 154 million or 6%. That is something that, as a matter of fact, we expected to get a more positive or greater results, but because of what we had in December, we can see clearly that in 2025, with this new optimization of the company, will basically reflect in 2026.

101 million for our net income and adjusted net income of 20 million, 1%, is actually what we have. It was difficult.

2025 was even negative to certain companies, and nevertheless, despite of all the difficulties, we were able to grow having lower profitability, but still above the average and which proves our sturdiness and our strength. We see that we in history have 2.9 billion as operating revenue, our net profit and our adjusted EBITDA 154 million, and our net profit 101, and our CapEx we are not increasing our installed capacity.

We are starting 2026 with an operational flexibility, moving away from the investments of more than 100 or 200 million reals, 75 million. What we see is that this is a way of protecting our cash in a market that has a lot of profitability restrictions, and then 2026 will be marked by our search and quest for efficiency.

With our market share, we are comfortable to play and grow with the new structures, with our commercial team, with our installed capacity, with the new units that made us strong to grow as a company. This is how we really look forward to our diversification.

Our debt profile: this is something that really we take pride of. With our capital structure, I believe that we are a company that has the best capital structure in the agribusiness.

IPO: 2021; and then two years ago, a follow-on. We issued two CRAs in addition to Fiagro.

Our profile is very good. Our debt profile is with 6.8, just 62 million to be paid.

So 95% is long term. Most of our debt is CDI plus 1%, a little bit in IPCA pre-fixed with subsidized access rates.

Of course, with less financial cost. As a matter of fact, most of our debt, we're not even considering the swaps for the percentage of CDI, we can keep up with any reduction that may occur with the central bank decisions and Boa Safra will be good results.

With regards to accounts receivable, this is something that we really like to highlight here, the dedication of the company, of all of us. Our growth, the revenue grew with soybean seeds.

There was all along with increase on the seed sales. You can see that we have a PDD of 13 million reals.

Out of that, this is net PDD. Of course, we managed to have good results, and as a matter of fact, our provision for expected losses is 16 million, with 1.7% of the receivables of our portfolio proves that our portfolio is very healthy if you compare to the rest of the sector.

We are not just a simple supplier. We, as a matter of fact, are the major supplier in all categories: soya seeds and other seeds as well.

That is a name that was created. We have an importance to our clients.

Of course, at the same time, we have to make sure that we will be receiving. We have to consider all the collateral structures for us to really have a good composition, principally if you consider a very challenging sector.

With less subsidies to the agriculture, so that makes us in this situation to consider credit as a very relevant aspect for us to grow as a company. Nevertheless, we have a very sturdy portfolio.

We're working on this type of profile with warranties, with endorsement, and with this portfolio that we are expected to receive in 2026. When we have a look at our adjusted net debt of the company, talking about the financial health of the company, we had this as a result and the effects of Fiagro.

Our current liquidity is very high. Now, when we check out the more conservative situation, if you analyze the entire year of 2025, we had financial results of 75 million reals.

When we see our results in the end of December, we see the results. Of course, this is a seasonal company.

If you look at the entire year, you can understand the picture. If you just think about 75 million as a liquid result and as what we had in December, it is about 19%.

19% that you had as cost of that. This is about what we had throughout 2025 with a net debt of this amount of reals, 381 million.

That is really something that we keep repeating, and we always repeat to our investors. We have to talk about the net result that shows the entire year, which is the difficult year that we had, and you have to see the picture of the entire year.

That was typical. 2025 was atypical.

Still, we see that our EBITDA as a company we can see by the EBITDA that we are able to settle our financial results, and it is very comfortable to us. This puts us, as Boa Safra, in a very comfortable position.

That is very rare in the agribusiness. Our liquidity as a company puts us in a very comfortable situation, which makes us different in this scenario.

Re-starting 2026, there are so many who don't have liquidity, and that puts us in a level that made us really sure that five years of building this company were worth it. It sounded that everybody had a solid situation, but now we're proving that we have a great competitive advantage, and it is a good leverage to create solidity of a company that is producing seeds and puts us in a new level to start 2026.

Now, let me talk about the cash flow of the company. This is something that is very important.

Even having such a growth with low profitability because of the weather fluctuations, it's very similar to what we had in 2025: 60 for cash and 90 million reals with more needs for credit in a market, in a year that was marked by those difficulties. We had a growth of almost 50%, which was aligned with the growth of our revenues, principally when you see the revenue from seeds.

Of course, that consumes working capital. Now, starting 2026, and having the same installed capacity, the working capital demand that is because of the growth that we had, there is less demand for working capital for 2026.

With our strategies, according to what Marino just said, of having more area planted, we manage to optimize our work. Our focus this year is to change installed capacity into sales.

This is how we produce results in the company without making much of an investment or great investments. With Syngenta, we're adding something that, as a matter of fact, it was supposed to be mobilized capital, but now we're showing that we have discipline principally in terms of allocation of capital.

That shows us in a very good situation to generate working capital for 2026. These are the main aspects that I wanted to share with you.

Now, I think Marino says we should go to our Q&A.

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

There are two things that I would like to talk to you guys. First, expectations, profitability for 2026.

I understand on your report, in your gains for the year, you already mentioned something, but because of the profitability of the grower is a little bit affected, but you're talking about efficiency and your path. We've been talking about that for the last months, but I would like to get from you a little bit of a balance of both variables.

What can we expect in terms of margin for 2026? What can we expect?

Do you think you're going to get back to our history that we had? Anything that you could possibly share during this discussion about profitability would be great.

Now, the second question, just hitting again on the diversification of your clients. That is clear, the benefits that you have when you have a wider different types of clients to decrease risk, but that also comes with a cost to reaching to those different clients.

I would like to hear from you, can you quantify what we could expect in terms of logistics and costs to be able to meet this diversified public, and what is normal in this new dynamics since you have a much wider base? Thank you very much.

Thanks to you, Gustavo.

Thanks to you.

Great question. To the first question that you just asked on the our efficiency, the project, and the difficulties that we have, you're right.

It looks like it is a difficult year, and we still have seeds. There's a leftover of seeds, and many companies, many seed companies are present in the market.

This is something that is negative. I I see it very similar to the previous year.

It's not that I think that it is going to be more difficult than the year before, even because we've been talking to other seeders and we're not depending on the reduction of volumes. Perhaps it will be easier.

Of course, seeders are with credit issues, there's not much cash in the system. I still think that it is going to be a difficult year.

Now, the good side of this all is that we've been doing our homework to reduce cost, to increase efficiency, to increase scale, to check out our mistakes, to compare what we have around. We grew so fast.

We moved from IPO three units now today. Corn and other crops in seed in distribution centers, we're talking about 18 units.

As a matter of fact, this growing so fast in both sales and also operational capacity also brings along some inefficiency that has been identified. We're just robust, and we're gaining efficiency either in cost, SG&A, and also in terms of productive capacity.

Why this plant is producing less? I think we're doing a good job.

For sure, we're going to have results reflecting in the margins. Now, for the second point, we opened to the possibility of different clients.

We were more seductive to the clients last year. Now, this change, the strategy now is not to open to new clients, but to sell back to those new clients, and we think that we have to be you don't have to be so aggressive with these new clients for us to renew our partnership.

That was the idea. We would be more aggressive in terms of discounts so to be able to sell more this year without all those levels of discounts that we have had in the past.

Those are the two things that I would like to highlight. Let me tell you, we were really focused on growing.

Now, we kind of changed that. We said, let us work on the margins.

That is our goal this year: 100% focused on improving our margins, and we really trust this is going to be delivered with a different margin. We still think that it was very important to have that growth.

Several in the sector, several players in the sector allowed us to have those two points to increase this share. We actually surfed the wave as in a strategy.

The last M&A in the sector, we we actually that there was something that was paid in a M&A last year, we actually grew more than what they paid for the M&A. We of course, we kind of open our hands in terms of results to be able to grow those percentages in in capacity.

It is almost like an M&A, greenfield M&A that that that come to the company. This is how we envision that.

For 2026, we will be working on regaining our margins, and those things that you mentioned are very good.

Thank you. Perfect.

Thank you.

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

Just a follow-up in a previous question thinking about the SG&A, which was something that you just made a comment it was important in 2025. Do you think that there will be a nominal drop with everything that it is happening that would really help us to understand a little bit of what we'll have in 2026?

Now, I would like to just mention or ask, does that make sense for 2026 not to grow? Of course, considering the market, this decision makes sense.

As you mentioned, there's a lot of offer, I don't think that the sectorial conditions are going to improve, and 2025 was, as you mentioned, a difficult year for you to grow because of the channels, because of the pricing, and working capital in such a short period of time. Perhaps shrinking scale would help to find a balance in the market and also to digest a little bit more so sell less, but find a balance.

Why not to do that this year then?

Thank you, Henrique. Let me just touch on the SG&A.

No, it's not what we expect to reduce in absolute figures. Now, if you analyze the last few years, there was a very steep index.

SG&A for this year should grow along with the cost. Considering the respective components, grow what it is inflation, grow in what we have, considering the restructuring for 2026.

We would grow along with inflation based on what we wrapped up for 2025. As Marino mentioned, we have efficiency in soya seeds.

Our focus is to capture more sales conversion regarding our installed capacity and other businesses, since the company is growing at a good pace.