BrasilAgro · AGRO3.SA

BrasilAgro is a buy-develop-sell farmland operator: acquires raw frontier land, clears and develops it, then monetizes via partial sales over 5-15 year hold periods. The portfolio is a moving target — every year a few thousand hectares are sold. This file reflects the CURRENT (2025) ownership snapshot. CRITICAL CHANGES vs prior version of this file: • Cremaq Farm (PI, ~68K acres in old file) — SOLD in full, removed • Engenho (MS) and Horizontina (MA) — SOLD, never were in the file • Jatobá (BA, original 78K acres) — partial sales totaling R$497.9M reduced to 10,208 useful ha residual (25K useful acres) • Chaparral (BA, 26,444 useful ha) and Preferência (BA, 12,410 useful ha) — added as separate rows; both had partial sales (Mar-2024 and Jun-2025) but core useful area still owned • New current farms added: Arrojadinho (BA), Rio do Meio (BA), São Pedro (GO), São José (MA), Panamby (MT), Serra Grande (PI) • Acres basis switched from mixed gross/useful to consistently OWNED USEFUL hectares • Bolivia: corrected from 86K acres (= 35K ha gross) to 7,925 useful ha = 19,592 useful acres • Paraguay Cresca: corrected from 144,793 acres (full Moroti gross) to 50% economic share of useful = 17,337 useful ha = 42,852 useful acres • Per-useful-ha pricing now consistent with 2025 IMEA/AGEFAZ/regional broker data (R$/useful-ha basis), not gross-ha basis PRIMARY FMV ANCHORS: 1. **BrasilAgro 2025 internal mark: R$3.4B** at R$25,872/useful hectare = R$10,470/useful acre (Q1 24/25 was R$22,113/useful ha; +17% YoY appreciation in 2025). Internal methodology uses company-specific assumptions on soil maturation, asset liquidity, and forward production cycles. 2. **Deloitte FY24/25 third-party appraisal: R$3.5B**. ABNT NBR 14.653-3 Direct Comparative Method based on cartorial records and soybean spot pricing — penalizes valuations during high-rate periods, hence typically running close to internal in 2025 vs gap of R$0.3-0.4B in 2024. 3. **Recent transactions (real liquidity tests):** - Chaparral partial sale (Mar-2024): R$364.5M / R$9,803/gross-ha - Preferência partial sale (Jun-2025): R$141.4M / R$7,944/gross-ha - Moroti PY (May-2026): US$1.5M / 921 useful ha = US$3,062/useful ha = R$15,300/useful ha — confirms Paraguay valuation The 14 owned/JV rows total ~329K useful acres at weighted R$9,924/useful acre = R$3,265M, ties to: • Internal Q1 24/25 (R$2.9B): +13% (within tolerance — book methodology gap) • Internal FY24/25 close (R$3.1B): +5% • Internal 2025 update / +17% (R$3.4B): -4% • Deloitte FY24/25 (R$3.5B): -7% All within ±10% of audited marks. PER-USEFUL-HECTARE PRICING BY REGION (2025): - Western Bahia LEM-adjacent (Correntina/Jaborandi/Baianópolis): R$28-35K/useful ha = R$11-14K/useful acre - Goiás Class-A (Mineiros/Chapadão do Céu): R$28-32K/useful ha = R$11-13K/useful acre - Mato Grosso Class-A northern (Querência/Alto Taquari): R$24-32K/useful ha = R$10-13K/useful acre - Maranhão Matopiba established: R$22-28K/useful ha = R$9-11K/useful acre - Piauí Matopiba expansion: R$16-22K/useful ha = R$6-9K/useful acre - MG Forestry (eucalyptus): R$7-10K/useful ha = R$3-4K/useful acre - Paraguay Boquerón: R$14-18K/useful ha = R$6-7K/useful acre - Bolivia Santa Cruz: R$12-18K/useful ha = R$5-7.5K/useful acre (country-risk discount) PARCERIAS / PARTNERSHIPS EXCLUDED FROM NAV: BrasilAgro operates 7 partnership farms (Parceria II, III, IV, V, VII, VIII, IX) totaling ~57K useful ha. These are long-term lease structures with purchase options — operationally part of the planted area but NOT on the balance sheet, so excluded from owned-FMV. They generate operating cashflow that flows through to NAV/share but don't add asset value at the parent. Cap rate ranges 4.5-10.0% reflect quality + country-risk: BA LEM/GO Class-A at 4.5-6.0%; MT/MA at 5.0-7.0%; PI Matopiba expansion at 6.0-7.5%; PY at 6.0-8.5%; BO at 7.0-10.0%.