| Schedule of Derivative Financial Instruments |
| | |
2025 | |
| | |
Consolidated | |
| | |
Book
Value | | |
Volume
/ Position | | |
| |
| Derivative
instruments | |
Long | | |
Short | | |
Net | | |
Long | | |
Short | | |
Net | | |
Unit | |
| Options | |
| 652 | | |
| (720 | ) | |
| (68 | ) | |
| 3,800 | | |
| (7,600 | ) | |
| (3,800 | ) | |
| US$ | |
| NDF | |
| 17,692 | | |
| (1,565 | ) | |
| 16,127 | | |
| — | | |
| (74,615 | ) | |
| (74,615 | ) | |
| US$ | |
| Soybean - Futures | |
| 1,224 | | |
| (1,906 | ) | |
| (682 | ) | |
| 1,463,970 | | |
| (2,829,650 | ) | |
| (1,365,680 | ) | |
| bags | |
| Soybean - Structured products | |
| — | | |
| (810 | ) | |
| (810 | ) | |
| — | | |
| (560,161 | ) | |
| (560,161 | ) | |
| bags | |
| Basis - Futures | |
| — | | |
| (876 | ) | |
| (876 | ) | |
| — | | |
| (233,589 | ) | |
| (233,589 | ) | |
| bags | |
| Corn - Put Options | |
| 3,623 | | |
| — | | |
| 3,623 | | |
| 216,354 | | |
| — | | |
| 216,354 | | |
| bags | |
| Corn - Futures | |
| 3,978 | | |
| — | | |
| 3,978 | | |
| — | | |
| (607,050 | ) | |
| (607,050 | ) | |
| bags | |
| Corn - Structured products | |
| 591 | | |
| — | | |
| 591 | | |
| — | | |
| (88,446 | ) | |
| (88,446 | ) | |
| bags | |
| Cotton - Structured products | |
| 1,050 | | |
| — | | |
| 1,050 | | |
| — | | |
| (10,330,050 | ) | |
| (10,330,050 | ) | |
| lbs. | |
| Cotton - Call Options | |
| — | | |
| (11 | ) | |
| (11 | ) | |
| — | | |
| (6,350,000 | ) | |
| (6,350,000 | ) | |
| lbs. | |
| Cotton - Futures | |
| 2,293 | | |
| (141 | ) | |
| 2,152 | | |
| — | | |
| (10,922,350 | ) | |
| (10,922,350 | ) | |
| lbs. | |
| Fattened cattle - Futures | |
| 23 | | |
| — | | |
| 23 | | |
| — | | |
| (1,650 | ) | |
| (1,650 | ) | |
| @ | |
| Ethanol - Futures | |
| 4 | | |
| (7,181 | ) | |
| (7,177 | ) | |
| — | | |
| (58,800 | ) | |
| (58,800 | ) | |
| M^3 | |
| TRS - Future | |
| 526 | | |
| (512 | ) | |
| 14 | | |
| — | | |
| (30,336,000 | ) | |
| (30,336,000 | ) | |
| kg | |
| Swap | |
| 8,496 | | |
| (19,402 | ) | |
| (10,906 | ) | |
| 531,741,790 | | |
| (531,741,790 | ) | |
| — | | |
| R$ | |
| Margin deposited | |
| 430 | | |
| — | | |
| 430 | | |
| — | | |
| — | | |
| — | | |
| — | |
| Total Risks - Derivatives | |
| 40,582 | | |
| (33,124 | ) | |
| 7,458 | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total - Current | |
| 29,609 | | |
| (15,492 | ) | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total - non-current | |
| 10,973 | | |
| (17,632 | ) | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Results on June 30, 2025
(Note 26) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Realized | |
| 69,737 | | |
| (112,456 | ) | |
| | | |
| | | |
| | | |
| | | |
| | |
| Unrealized | |
| 110,798 | | |
| (47,080 | ) | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
2024 |
| | |
Book Value | |
Volume / Position | | |
| |
| Derivative instruments | |
Assets | |
Liabilities | | |
Net | | |
Assets | | |
Liabilities | | |
Net | | |
Unit | |
| Options | |
1,192 | |
| (17,654 | ) | |
| (16,462 | ) | |
| 23,800 | | |
| (44,100 | ) | |
| (20,300 | ) | |
| US$ | |
| NDF | |
1,100 | |
| (21,478 | ) | |
| (20,378 | ) | |
| 17,000 | | |
| (66,160 | ) | |
| (49,160 | ) | |
| US$ | |
| Dóllar - Acumulator | |
1,433 | |
| (27,737 | ) | |
| (26,304 | ) | |
| 2,000 | | |
| (40,000 | ) | |
| (38,000 | ) | |
| U$$ | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Swap | |
6,020 | |
| (9,543 | ) | |
| (3,523 | ) | |
| 300,000,000 | | |
| (300,000,000 | ) | |
| — | | |
| R$ | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Soybean – Options Put | |
10,561 | |
| — | | |
| 10,561 | | |
| 891,268 | | |
| — | | |
| 891,268 | | |
| scs. | |
| Soybean - Options Call | |
— | |
| (2,794 | ) | |
| (2,794 | ) | |
| — | | |
| (1,782,536 | ) | |
| (1,782,536 | ) | |
| scs. | |
| Soybean - Future | |
526 | |
| — | | |
| 526 | | |
| 167,821 | | |
| (2,118,178 | ) | |
| (1,950,357 | ) | |
| scs. | |
| Soybean - Accumulator | |
2,295 | |
| — | | |
| 2,295 | | |
| — | | |
| (458,107 | ) | |
| (458,107 | ) | |
| scs. | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Corn - Options Call | |
— | |
| (93 | ) | |
| (93 | ) | |
| — | | |
| (145,937 | ) | |
| (145,937 | ) | |
| scs. | |
| Corn - Options Put | |
866 | |
| — | | |
| 866 | | |
| 145,937 | | |
| — | | |
| 145,937 | | |
| scs. | |
| Corn - Future | |
996 | |
| (221 | ) | |
| 775 | | |
| 583,650 | | |
| (733,050 | ) | |
| (149,400 | ) | |
| scs. | |
| Corn - Acumulator | |
651 | |
| — | | |
| 651 | | |
| — | | |
| (181,429 | ) | |
| (181,429 | ) | |
| scs. | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cotton - Accumulator | |
3,244 | |
| — | | |
| 3,244 | | |
| — | | |
| (8,813,700 | ) | |
| (8,813,700 | ) | |
| lbs. | |
| Cotton – Options Call | |
— | |
| (980 | ) | |
| (980 | ) | |
| — | | |
| (7,450,000 | ) | |
| (7,450,000 | ) | |
| lbs. | |
| Cotton – Options Put | |
590 | |
| (254 | ) | |
| 336 | | |
| 1,100,000 | | |
| (1,100,000 | ) | |
| — | | |
| lbs. | |
| Cotton - Future | |
903 | |
| (1,204 | ) | |
| (301 | ) | |
| 1,000,000 | | |
| (8,350,000 | ) | |
| (7,350,000 | ) | |
| lbs. | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Beef cattle - Future | |
— | |
| — | | |
| — | | |
| — | | |
| (6,600 | ) | |
| (6,600 | ) | |
| @ | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Ethanol - Options Call | |
— | |
| (3,008 | ) | |
| (3,008 | ) | |
| — | | |
| (9,000 | ) | |
| (9,000 | ) | |
| m^3 | |
| Ethanol - Future | |
— | |
| (1,911 | ) | |
| (1,911 | ) | |
| — | | |
| (16,920 | ) | |
| (16,920 | ) | |
| m^3 | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| ATR - Future | |
— | |
| (191 | ) | |
| (191 | ) | |
| — | | |
| (1,500,000 | ) | |
| (1,500,000 | ) | |
| kg | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Deposited margin | |
8,098 | |
| — | | |
| 8,098 | | |
| — | | |
| — | | |
| — | | |
| — | |
| Total Derivative Risks | |
38,475 | |
| (87,068 | ) | |
| (48,593 | ) | |
| | | |
| | | |
| | | |
| | |
| Total Current | |
31,718 | |
| (69,190 | ) | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total Noncurrent | |
6,757 | |
| (17,878 | ) | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Result in June 30, 2024 (Note 26) | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Realized | |
99,909 | |
| (41,950 | ) | |
| | | |
| | | |
| | | |
| | | |
| | |
| Nonrealized | |
48,288 | |
| (130,888 | ) | |
| | | |
| | | |
| | | |
| | | |
| | |
|