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001-35723
BrasilAgro – Brazilian Agricultural Real Estate Company
D5
Av. Rebouças, 2942
6th floor
São Paulo
05402-500
BR
Gustavo Javier Lopez
+55
11 3035 5350
ri@brasil-agro.com
Av. Rebouças, 2942
6th floor
São Paulo
05402-500
BR
American Depositary Shares, each representing one ordinary share, no par value
LND
NYSE
Ordinary Shares
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No
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cybersecurity is one of our
strategic priorities, and information security and critical data governance are important to us. Our information security team defines
the strategy, policies, practices, procedures, and organizational structure that we use to identify, analyze, evaluate, measure, mitigate,
and monitor cybersecurity risks. We work together with various teams within our Company to conduct continuous analysis of potential failures
and vulnerabilities, as well as risks that may affect our processes and assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This strategy, which is under
constant review and evaluation, allows us to identify, protect, detect, respond to, and recover our systems and data from potential threats.
This strategy also ensures the proper integration of security into business processes, minimizing risks and impacts that could materially
affect us or our subsidiaries. We also adopt preventive controls and processes that allow us to supervise and monitor our corporate information
security strategy and carry out investments and initiatives that enable us to achieve our business goals.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In recent years, the average
number of cybersecurity incidents has increased significantly worldwide. Therefore, we focus on using advanced threat detection and blocking
tools that allow us to prevent the most frequent cyberattacks, which are related to ransomware (hacking of virtual files), malware, spam,
phishing, executive impersonation, and BEC (Business Email Compromise), among others.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In response to the evolving
risk of cyber threats, we have undertaken several projects to improve our security systems. Our main Enterprise Resource Planning (ERP)
system has levels of protection and contingency recovery that allow us to be prepared for the constant evolution of cyberattacks. During
2023 and 2024, among other initiatives, we (i) conducted a risk analysis that allows us to identify residual risks to be treated or accepted,
(ii) deepened cybersecurity training for our employees with the aim of distributing simulations, tips, best practices, and knowledge about
cybersecurity threats, (iii) implemented the use of two-factor authentication with respect to our employees’ user accounts to minimize
the risk of identity theft and information theft, and (iv) established mechanisms for employees to report cybersecurity incidents, for
identification, management, containment, and analysis by our incident response team. These actions deepen our commitment to cybersecurity
management, increase protection against threats, and build and adequate environment for our Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In response to the evolution
of cyber threats, we have engaged external advisors with experience in the cybersecurity field who provide us with vulnerability assessment
services, customized training, and protection recommendations against cyber threats. Additionally, we work with business partners who
provide us with advanced tools for early threat detection, allowing us to identify potential cybersecurity risks. We have processes to
oversee and identify risks related to cybersecurity threats associated with the use of third-party service providers. Before engaging
with any third parties, we conduct thorough due diligence, assessing their security protocols and practices to ensure they meet our internal
standards. Additionally, we continuously monitor third-party services through regular security audits, reviews, and performance assessments.</p>
false
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Governance</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our management has instituted
a Data Protection Committee whose responsibilities include managing unforeseen situations that can negatively affect the Company’s
operations and assets, coordinating a quick and effective response to a cybersecurity crisis, managing internal and external communication
during a crisis, making critical real-time decisions, constantly evaluating the impact of the situation, adjusting decisions, and ensuring
compliance with applicable laws and regulations. The Data Protection Committee is composed of our CFO, our Legal, Compliance and Sustainability
Director, and our Operations Director.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have an information security
management team led by our Compliance Manager, who has over 14 years of experience in auditing systems, internal controls, technology
risks, user training, and security awareness. Our Compliance Manager completed the preparatory training for the CRISC certification (Certified
in Risk and Information Systems Control), which validates his expertise in identifying and managing IT risks, as well as implementing
and maintaining effective security controls to mitigate these risks. Our information security management team is independent from our
IT management and integrated into our compliance management. Our information security management team has an individual annual budget
and a strategy based on two principles: (i) the continuous review and improvement of our information security model; and (ii) a cybersecurity
framework based on the National Institute of Standards and Technology (NIST).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Compliance Manager reports
monthly on incidents to our Data Protection Committee. Additionally, our Compliance Manager, representing the Data Protection Committee,
provides quarterly reports on cybersecurity to our Audit Committee, which is responsible for the strategy and oversight of cybersecurity
issues, and our Audit Committee also reports on these matters to our Board of Directors, ensuring that the highest levels of governance
are informed. This structured reporting process ensures comprehensive oversight and alignment of our cybersecurity policies across our
Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have a cybersecurity incident
response process designed to report incidents to our Data Protection Committee and Audit Committee. Our Compliance Manager is responsible
for managing and resolving cybersecurity incidents that affect the Company. His main responsibilities include supervising the security
detection and alert system, notifying relevant parties about detected incidents, conducting initial assessments of incidents, isolating
compromised systems, coordinating recovery efforts with our IT management, investigating cybersecurity incidents, managing internal communication
about incidents, and reviewing the effectiveness of implemented corrective and preventive measures.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Also, our Compliance Manager
is responsible for ensuring that the Company complies with all laws, regulations, and standards related to the management of cybersecurity
incidents applicable to it, cooperating with regulatory entities, promoting the review and updating of policies and procedures, acting
as a spokesperson for the Data Protection Committee, and keeping the Audit Committee informed about the status of the Company’s
regulatory and legal compliance.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, our legal management
team receives reports on cybersecurity incidents, cooperates in determining the materiality of such incidents, evaluates the severity
and scope of such incidents from a legal perspective, reviews contracts with suppliers, evaluates the possibility of potential litigation,
and provides legal guidance to our Company. Similarly, our fraud prevention team participates in the analysis of cybersecurity incidents
to identify possible fraudulent activity, collects evidence for legal purposes, monitors suspicious transactions, and cooperates with
our other teams to report incidents.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Also, as part of our processes
with respect to contracts with suppliers, our Company establishes specific contractual provisions to ensure that these partners comply
with adequate data protection standards and security measures that meet our internal requirements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As previously disclosed, we
experienced a cybersecurity incident in 2019 which temporarily disrupted our systems. We have no reason to believe that such an incident
resulted in the unauthorized disclosure of confidential information. See “Item 3.D. Risk Factors - We were the target of a cybersecurity
incident that disrupted our systems.” Except for that incident, we have not recorded any significant Information Security events
that have materially affected or are reasonably likely to materially affect us, our business strategy, results of operations, or financial
condition. We are aware of the constant cybersecurity risks and continue to implement protective measures that allow us to minimize potential
negative impacts on our business. However, these protective measures may be insufficient to fully protect against cybersecurity risks.
For more information about these risks, see “Item 3.D. Risk Factors - Risks Relating to Our Business -Cybersecurity events could
negatively affect our reputation, our financial condition and our results of operations.”</p>
Additionally, our Compliance Manager, representing the Data Protection Committee,
provides quarterly reports on cybersecurity to our Audit Committee, which is responsible for the strategy and oversight of cybersecurity
issues, and our Audit Committee also reports on these matters to our Board of Directors, ensuring that the highest levels of governance
are informed
our Audit Committee also reports on these matters to our Board of Directors, ensuring that the highest levels of governance
are informed. This structured reporting process ensures comprehensive oversight and alignment of our cybersecurity policies across our
Company.
our Audit Committee also reports on these matters to our Board of Directors, ensuring that the highest levels of governance
are informed.
true
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Opinion on the Financial Statements</b></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have audited the accompanying consolidated financial position of
BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (the “Company”) as of June 30, 2025 and 2024, and the related
consolidated statements of income, comprehensive income, changes in equity and cash flows for each of the three years in the period ended
June 30, 2025, including the related notes (collectively referred to as the “consolidated financial statements”). In our opinion,
the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2025
and 2024, and the results of its operations and its cash flows for each of the three years in the period ended June 30, 2025 in conformity
with IFRS Accounting Standards as issued by the International Accounting Standards Board.</p>
PricewaterhouseCoopers Auditores Independentes Ltda.
São Paulo, Brazil
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<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 0.25in"><b>1.</b></td><td style="text-align: left"><b>Operations</b></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.05pt">BrasilAgro - Companhia
Brasileira de Propriedades Agrícolas (“BrasilAgro”) or (“Company”) was incorporated on September 23, 2005
and is headquartered at Avenida Brigadeiro Faria Lima, 1309, in São Paulo with branches in the States of Bahia, Goiás, Mato
Grosso, Minas Gerais, Maranhão, Piauí and São Paulo, as well as in Paraguay and Bolivia. The Company is the direct
and indirect owner of closely held companies and its corporate purpose is: (i) the commercial exploration, import and export of agriculture
activities and inputs, cattle raising and forestry activities; (ii) the purchase, sale and rental of real estate in rural and/or urban
areas; and (iii) real estate brokerage involving any type of operations; and management of its own and third-party assets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.05pt">The Company and
its subsidiaries operate 21 farms with a total area of 249,846 hectares (266,249 hectares in the year of 2024), of which 173,253 hectares
are owned, and 76,593 hectares are leased (201,032 hectares are owned and 65,217 hectares are leased in the year of 2024). There are 18
farms in Brazil distributed across 6 states, 1 farm in Paraguay and 2 farms in Bolivia. This total does not take into account of 660 hectares
related to the sale of the Rio do Meio farms negotiated in November 2022 with transfer of ownership in May 2025 (Note 2.1.2).</p>
249846
266249
173253
76593
201032
65217
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 0.25in"><b>2.</b></td><td style="text-align: left"><b>Main events</b></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>2.1.
Sales of Farms</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Sales of farms in the year ended on
June 30, 2025</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Rio do Meio II Farm</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">On September 30, 2024, the subsidiary
Agrifirma Bahia Agropecuária Ltda. transferred 190 hectares to the buyers in connection with the sale of Rio do Meio II Farm, a
rural property located in the municipality of Correntina, Bahia. The amount to be paid was set at 54,053 bags of soybeans, equivalent
to R$7,128 on the transaction date, and was paid during the year. On May 23, 2025, 660 hectares of the same property were transferred,
valued at 75,454 bags of soybeans, equivalent to R$10,064 on the transaction date, and will be paid in annual installments, with due dates
from July 31, 2027 to 2028. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Sale and Purchase Agreement was signed
on November 8, 2022, and established a four-phase ownership transfer schedule. The transaction completed on May 23, 2025, corresponds
to the fourth and final phase of this schedule.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Alto Taquari IV</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">On September 26, 2024, the subsidiary
Imobiliária Mogno transferred to its buyers the remaining balance of 1,157 hectares from the sale of the Alto Taquari Farm, a rural
property located in the municipalities of Alto Taquari and Araputanga, Mato Grosso. The amount to be paid was set at 1,272,274 bags of
soybeans, equivalent to R$189,401 on the transaction date, and will be paid in six fixed annual installments, due May 31, 2025, to 2029.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Sale and Purchase agreement was signed
on September 1, 2021, and established the transfer of ownership in two stages, the first of which was to be delivered on October 10, 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Preferência
Farm </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">On June 30, 2025, the Cajueiro Real Estate
Subsidiary entered into a sales agreement for 17,799 hectares (12,413 usable hectares) of Preferência Farm, a property located in
the municipality of Baianópolis, Bahia. The amount to be paid was set at 452,342 arrobas of beef, equivalent to R$140,000 on the
transaction date. On June 30, 2025, the buyer made a down payment of R$2,000, and in July 2025, the buyer made the first installment payment
of R$40,000, equivalent to 135,703 arrobas of beef. The remaining balance of 316,640 arrobas of beef will be paid in six annual installments
of 52,773 arrobas, due October 31, 2026, to 2031.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Sales of farms in the year ended on
June 30, 2024</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Chaparral Farm </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><span style="font-weight: normal"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><span style="font-weight: normal">On
March 14, 2024, the subsidiary Imobiliária Cajueiro Ltda. entered into a sales agreement for 12,297 hectares (8,757 useful hectares)
of Chaparral Farm, a property located in the municipality of Correntina, Bahia. The amount to be paid was set at 3,031,783 bags of soybeans,
equivalent to R$415,071 on the transaction date. On March 20, 2024, the buyer made the first installment payment of R$53,533. The remaining
balance (Note 8.1) will be received in two annual installments, in May and August, through 2030, totaling 421,964 bags of soybeans per
year. On June 20, 2024, the transfer of ownership was completed.</span></p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Sales of farms in the year ended on
June 30, 2023</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Jatobá VII Farm </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.05pt">On June 29, 2023,
the subsidiary Imobiliária Jaborandi entered into an agreement for the sale of 4,408 hectares (3,202 arable hectares) of the Jatobá
VII Farm, rural property located in the municipality of Jaborandi (Bahia), for 952,815 soybean bags, equivalent to R$121,558 on the transaction
date. The transfer of possession of the area sold was on the agreement date.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Araucária VI and VII Farm </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.05pt">The Company signed
two sale agreements for the remaining area of 5,517 hectares (4,011 arable hectares) of the Araucária Farm, an agricultural property
located in the city of Mineiros, Goiás. Details about the sales follow:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">On March 28, 2023, 5,185 hectares (3,796 arable hectares) were
sold for 3 million soybean bags, equivalent to R$409,328 on the transaction date. Possession of the area sold was transferred on June
15, 2023.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">On March 29, 2023, 332 hectares (215 arable hectares) were sold
for 63,875 soybean bags, equivalent to R$8,508 on the transaction date. Possession of the area sold was transferred on May 31, 2023.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Rio do Meio II Farm</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">On November 8, 2022, the subsidiary
Agrifirma Bahia entered into an agreement for the sale of 1,964 hectares (1,422 arable hectares) of the Rio do Meio Farm, rural property
located in the municipality of Correntina, Bahia, for 414,097 soybean bags, equivalent to R$62,428 on the transaction date. The agreement
envisages a timetable for the transfer of possession, with the proceeds being recognized in four phases. The first and second phases were
concluded on November 14, 2022 and June 7, 2023, respectively, with the other phases planned for July of each year until 2025.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Marangatu
I Farm</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">On October 6, 2022, the subsidiary
Agropecuária Moroti S.A. entered into a sale agreement for 863.3 hectares (498 useful hectares) of the Marangatu Farm (“Marangatu
I”), a property located in Mariscal Estigarribia, Boquerón, Paraguay, for US$1,497 thousand (US$3,000 per arable hectare),
equivalent to R$7,786 on the sale date. Possession of the area sold was transferred on October 21, 2022.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.25in"><b>2.2.</b></td><td style="text-align: left"><b>Lease</b></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Leases in the year ended on June 30,
2024</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Alto da Serra Farm</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">On March 12, 2024, the agricultural
partnership contract was signed with the Alto da Serra farm, located in the municipality of Brotas in the state of São Paulo. The
Company will operate an agricultural area of up to 8,160 hectares to produce sugar cane, the contract is valid for 12 years and control
was obtained in June 2024.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Leases in the year ended on June 30,
2023</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">São Domingos Farm</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">On July 21, 2022, the Company signed
an agricultural partnership agreement with the São Domingos Farm, located in Comodoro, Mato Grosso. The Company will explore an
arable area of approximately 6,070 hectares under a 12-year agreement and possession will be granted in two phases of 3,035 hectares each,
with the first one concluded in December 2022 and the second to be concluded in December 2023.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>2.3.
Business combination</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Acquisition of Novo Horizonte Agricultural
Company</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">On August 6, 2024, the subsidiary Agrifirma
Agro Ltda. acquired all the quota capital of Nova Horizonte Agrícola Ltda. (Novo Horizonte Agricultural Company or Novo Horizonte),
assuming full control of the company. Novo Horizonte is located in the municipality of Novo São Joaquim, in the State of Mato Grosso,
and operates in grain production. The transaction includes the lease of 4,767 hectares of land, with a 16-year term, at an average cost
of 13 bags of soybeans per hectare.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The total purchase price of Novo Horizonte
Agricultural Company was R$6,157, as detailed in the closing agreement. The amount of R$4,852 was paid in cash, with a payable balance
of R$1,305 as of June 30, 2025. The remaining amount will be settled to the extent the tax credits acquired in the transaction are refunded.
The agreement provided for a price adjustment to reflect the change in equity between June 30, 2024, and August 6, 2024, in accordance
with the criteria previously established between the parties.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The procedures for determining the
price adjustment were completed and since the net amount of assets received and liabilities assumed exceeded the acquisition cost of the
shares, the difference is treated as a gain on bargain purchase, which was recorded under “Gain from advantageous purchase”
(Note 25) and subject to Income Tax and Social Contribution purposes. This gain (negative goodwill) consists of the difference between
the consideration and the net assets acquired, as shown in the table below:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">08/06/2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 88%; text-align: justify">Total consideration</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">6,157</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: justify; padding-bottom: 1.5pt">Net assets acquired at fair value</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(6,505</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">Gain from bargain purchase</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(348</td><td style="text-align: left">)</td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">A purchase
price allocation appraisal report for tangible and intangible assets was prepared by an independent firm, pursuant to IFRS 3 - Business
Combination. The Company conducted a detailed review of the measurement and identification procedures for assets and liabilities, as
required by IFRS 3, determining the basis for the fair values.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The transaction resulted in a gain
from bargain purchase, growing the Company’s presence in the sector, increasing its market share, and optimizing its agricultural
operations. The transaction involved assets, such as agricultural machinery, irrigation systems, and a lease agreement that supports operations.
This strategic decision reinforces the Company’s commitment to sustainable growth and long-term value creation, under favorable acquisition
conditions.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The table below summarizes the consideration
paid and the fair value of identifiable assets and liabilities at the acquisition date:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 88%; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Assets</td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">94.165</td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Cash and cash equivalents</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">12</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Inventories</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">433</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Recoverable taxes and other credits</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,324</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred tax<sup>2</sup></span></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">28,265</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property, plant and equipment<sup>1</sup></span></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">21,314</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1.5pt; text-align: left">Right-of-use assets</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">41,817</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Liability</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">87,660</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Loans</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">31,101</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Accounts payable and other obligations</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,994</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Leases</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">44,565</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1.5pt; text-align: left">Advance for future capital increase</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net identifiable assets acquired</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">6,505</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1.5pt; text-align: left">Gain from bargain purchase</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(348</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">Total, net</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">6,157</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.25in">(1)</td><td style="text-align: justify">PP&E acquired at cost amount to R$19,750. The tangible assets assessment report identified an adjustment
of R$1,564, increasing the fair value of the fixed assets on the acquisition date to R$21,314.</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.25in">(2)</td><td style="text-align: justify">The balance presented is net of deferred tax on the identified fair value adjustment, corresponding to
the amount of R$532. The Company estimates that it will use the balance within ten years, through its agricultural activities.</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Revenue recorded in the consolidated
statement of operations from August 6, 2024, includes the net revenue from Novo Horizonte Agricultural Company of R$13,225 and a contribution
to a loss of R$8,252 in the same period.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">If Novo Horizonte had been consolidated
starting July 1, 2024, the consolidated statement of operations would have presented additional pro forma net revenue of R$23,408 and
an additional pro forma loss of R$26,898. This net revenue and results of operations were obtained by adding Novo Horizonte’s results
to the consolidated results and does not represent the actual results of the company had it been acquired at the beginning of the year
(unaudited).</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>2.4.
Other performance aspects</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Part of the Company’s revenue is generated
by the sale of commodities to domestic customers, in a global commodities market requiring investments in logistics and supply chains,
including ports, distribution centers and suppliers.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The strong demand for exports of agricultural
products benefited from the appreciation in the U.S. dollar. As for the logistics chains, higher freight prices resulting from rising
fuel cost caused no significant disruptions to export operations and logistics and in inbound shipments of inputs, most of which had already
been acquired and delivered.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company has not identified any
material changes for sales commitments to customers; strong commercial relationships have aided negotiations the selected sales partners.
No detrimental factors have arisen from these commitments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Changes in inbound and outbound shipments
are not expected to significantly affect the Company’s financial position. No significant risks were identified with regard to its capacity
to continue operating as a going concern.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>2.5.
Climate change risks</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company recognizes that the risks
arising from climate change represent significant factors for the continuity and performance of its agribusiness operations. These risks
can directly impact agricultural productivity, the supply chain, operating costs, and asset valuation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Extreme weather events, such as long-lasting
droughts, floods, frosts, and heat waves, have the potential to jeopardize harvests, affect product quality, and generate significant
losses. Such events may require adjustments to accounting estimates, such as provisions for inventory losses and reductions in the fair
value of biological assets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company continually monitors climate
impacts on its accounting estimates, including the useful lives of assets, provisions for environmental contingencies, and deferred tax
assets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">In the State of Bahia, a drought between
February and March significantly affected the development of cotton, bean, and soybean crops, compromising agricultural productivity in
the region.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">In Mato Grosso, excessive rainfall
during the harvest period negatively impacted soybean quality, damaging grains. Late rains disrupted the planting schedule in certain
areas, affecting sowing activities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The 2024 fires and early 2025 drought
have affected the sugarcane yields. Despite the rains at the end of 2024, key productivity indicators, such as TCH (Tons of Sugarcane
per Hectare) and ATR (Total Recoverable Sugars), remained below initial projections.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>2.6.
U.S. tariffs - Impact analysis</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The recent tariff measures imposed
by the United States on agricultural products have generated uncertainty in the international markets. The implementation and subsequent
partial repeal of tariffs at short intervals has created an unstable environment, making it difficult to clearly define parameters for
projections causing volatility in the commodity and foreign exchange markets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The following
impacts have been noted:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Uncertainty and Increased Volatility - It is still premature
to conclude the definitive impacts from the tariffs.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Commodity Prices - Tariffs tend to exert downward pressure
on the prices of agricultural commodities in the international market. This may improve export premiums for soybeans, corn, and cotton,
benefiting producers and exporters.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Exchange Rate Volatility - The increased instability in global
markets has caused volatility in exchange rates directly impacting both production costs - due to the import of inputs - and revenues
linked to exports. This requires the Company to carefully manage financial and hedging operations to mitigate risks and protect margins.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Product Prices and Prices - The Company projects a decline
in beef prices as a direct result of the U.S. tariffs. Although the pressure on prices is evident, it is still premature to measure significant
financial impacts, given current instabilities.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company continues to monitor U.S.
trade policies and their impact on global markets. The focus remains on strategic risk management and identifying opportunities to expand
product competitiveness, ensuring the sustainability of operations and stable results even in adverse circumstances. There were no changes
impacting the financial statements for the year ended June 30, 2025.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>2.7.
Reform of taxes on consumption</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Constitutional Amendment No. 132,
enacted on December 20, 2023, instituted the Consumption Tax Reform, creating a dual VAT model: the CBS, under federal jurisdiction, which
will replace PIS and COFINS, and the IBS, under nonfederal, which will replace ICMS and ISS. A Selective Tax (IS) was also created, under
federal jurisdiction, applicable to products and services that are harmful to health and the environment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">On December 17, 2024, Congress approved
PLP 68/2024, sanctioned with vetoes on January 16, 2025, resulting in Complementary Law No. 214/2025. This Law partially advanced the
Reform’s course, including the establishment of the IBS Steering Committee by December 31, 2025. Other pending regulations are still being
processed in Bill 108/2024, which has not yet been voted on by the Senate.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The transition between the old and
new systems will occur between 2026 and 2032, accordingly the effects are not yet known; there is no impact on the financial information
for the year ending June 30, 2025.</p>
190
54053
7128000
660
75454
10064000
1157
1272274
189401000
17799
12413
452342
140000000
2000000
40000000
135703
316640
52773
12297
8757
3031783
415071000
53533000
421964
4408
3202
952815
121558000
5517
4011
5185
3796
3000000
409328000
332
215
63875
8508000
1964
1422
414097
62428000
863.3
498
1497000
3000
7786000
8160000
P12Y
6070
P12Y
3035
4767
P16Y
13
6157000
4852000
1305000
This gain (negative goodwill) consists of the difference between
the consideration and the net assets acquired, as shown in the table below:<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">08/06/2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 88%; text-align: justify">Total consideration</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">6,157</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: justify; padding-bottom: 1.5pt">Net assets acquired at fair value</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(6,505</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">Gain from bargain purchase</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(348</td><td style="text-align: left">)</td></tr>
</table>
6157000
6505000
348000
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The table below summarizes the consideration
paid and the fair value of identifiable assets and liabilities at the acquisition date:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 88%; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Assets</td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">94.165</td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Cash and cash equivalents</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">12</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Inventories</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">433</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Recoverable taxes and other credits</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,324</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred tax<sup>2</sup></span></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">28,265</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property, plant and equipment<sup>1</sup></span></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">21,314</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1.5pt; text-align: left">Right-of-use assets</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">41,817</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Liability</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">87,660</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Loans</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">31,101</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Accounts payable and other obligations</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,994</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Leases</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">44,565</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1.5pt; text-align: left">Advance for future capital increase</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net identifiable assets acquired</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">6,505</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1.5pt; text-align: left">Gain from bargain purchase</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(348</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">Total, net</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">6,157</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.25in">(1)</td><td style="text-align: justify">PP&E acquired at cost amount to R$19,750. The tangible assets assessment report identified an adjustment
of R$1,564, increasing the fair value of the fixed assets on the acquisition date to R$21,314.</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.25in">(2)</td><td style="text-align: justify">The balance presented is net of deferred tax on the identified fair value adjustment, corresponding to
the amount of R$532. The Company estimates that it will use the balance within ten years, through its agricultural activities.</td></tr></table>
94165
12000
433000
2324000
28265000
21314000
41817000
87660000
31101000
9994000
44565000
2000000
6505000
348000
6157000
19750000
1564000
21314000
532000
13225000
8252000
23408000
26898000
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>3.</b></td><td style="text-align: justify"><b>Material accounting policies</b></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: 0in"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The material accounting policies applied
when preparing these financial statements are described below. These policies are being consistently applied in all years presented, unless
otherwise stated.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.1.
Basis of preparation</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">These
consolidated financial statements were approved by the Board of Directors on October 29, 2025.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The consolidated financial statements
are presented in thousands of Brazilian Reais, except where otherwise stated. Some of the totals presented in these financial statements
may not cast due to rounding.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The consolidated financial statements
have been prepared and are presented in accordance with International Financial Reporting Standards (IFRS Accounting Standards), issued
by the International Accounting Standards Board (IASB). All the references to IFRS Accounting Standards in these financial statements
correspond to the IFRS Accounting Standards as issued by the IASB.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The consolidated
financial statements have been prepared on the historical cost basis, except where otherwise stated, as described in the summary of significant
accounting policies.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Management has not identified any significant
uncertainty as to the Company’s ability to continue as a going.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The preparation of the financial statements
requires the use of certain critical accounting estimates. It also requires that Management use judgment in the process of application
of the Company’s accounting policies. Those areas requiring a higher level of judgment and with more complexity, as well as the
areas in which assumptions and estimates are significant for the financial statements, are disclosed in Note 4.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Non-financial data included in these
financial statements, such as sales volume, planted and leased area, number of farms, were not audited by the independent auditors.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Basis of consolidation</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The consolidated financial statements
comprise the financial statements of BrasilAgro and its subsidiaries as of June 30, 2025, 2024, and 2023 as described below:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Ownership %</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; padding-bottom: 1.5pt"> </td> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Imobiliária Jaborandi Ltda.</td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center">Brazil</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">100</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">99.99</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">99.99</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Imobiliária Cremaq Ltda.</td><td> </td> <td style="text-align: center">Brazil</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Imobiliária Araucária Ltda.</td><td> </td> <td style="text-align: center">Brazil</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Imobiliária Mogno Ltda.</td><td> </td> <td style="text-align: center">Brazil</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Imobiliária Cajueiro Ltda.</td><td> </td> <td style="text-align: center">Brazil</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Imobiliária Ceibo Ltda.</td><td> </td> <td style="text-align: center">Brazil</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Imobiliária Flamboyant Ltda.</td><td> </td> <td style="text-align: center">Brazil</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Palmeiras S.A.</td><td> </td> <td style="text-align: center">Paraguay</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agropecuaria Morotí S.A.</td><td> </td> <td style="text-align: center">Paraguay</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agrifirma Agro Ltda.</td><td> </td> <td style="text-align: center">Brazil</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agrifirma Bahia Agropecuária Ltda.(a)</td><td> </td> <td style="text-align: center">Brazil</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Companhia Agrícola Novo Horizonte (a)</td><td> </td> <td style="text-align: center">Brazil</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agropecuaria Acres Del Sud S.A.</td><td> </td> <td style="text-align: center">Bolivia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Ombú Agropecuaria S.A.</td><td> </td> <td style="text-align: center"> Bolivia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Yuchán Agropecuaria S.A</td><td> </td> <td style="text-align: center">Bolivia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Yatay Agropecuaria S.A.</td><td> </td> <td style="text-align: center">Bolivia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td></tr> </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.25in">(a)</td><td style="text-align: justify">Subsidiaries of Agrifirma – indirect control.</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The subsidiaries are fully consolidated
from the date control was obtained, being consolidated until control ceases. An investee is controlled when the Company is exposed to,
or has rights on, variable returns arising from its involvement with the investee and is able to affect such returns through its power
in the investee. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The financial statements of the subsidiaries
are prepared for the same reporting period as that of the Company, using consistent accounting policies. All intragroup balances, revenues
and expenses are fully eliminated in the consolidated financial statements. The group of companies is referred to as the “BrasilAgro
Group.”</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.2.
Foreign currency translation</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.25in">a)</td><td style="text-align: justify"><span style="text-decoration:underline">Functional and presentation currency</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The financial statements of the Company
and its subsidiaries domiciled in Brazil are measured using the currency of the primary economic environment in which these companies
operate (the “functional currency”). For subsidiaries in Paraguay, the functional currency is the US dollar, and for subsidiaries
in Bolivia, the functional currency is the Bolivian boliviano. Therefore, the functional currency of the entities in Brazil, as well as
the presentation currency of the BrasilAgro Group’s consolidated financial statements, is the Brazilian Real/Reais (“R$”).</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">b)</td><td style="text-align: justify"><span style="text-decoration:underline">Transactions and balances in foreign currencies</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Transactions in foreign currencies
are translated into the functional currency using the exchange rates in effect on the transaction or valuation dates when the items are
remeasured. Exchange gains and losses resulting from the settlement of these transactions and translation at the year-end exchange rates,
relating to monetary assets and liabilities in foreign currencies, are recognized in the statement of operations under “Financial
income” and “Financial expense.”</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">c)</td><td style="text-align: justify"><span style="text-decoration:underline">Companies domiciled abroad</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">In preparing the Company’s financial
statements, the financial statements of companies abroad, whose functional currency is the U.S. dollar and the Bolivian boliviano, are
translated into Reais as follows: a) The assets and liabilities of the balance sheet, at the closing exchange rate; b) Equity accounts
at the historical exchange rate; and c) Revenues and expenses are translated at average exchange rates (unless such average is not a reasonable
approximation of the rates in effect on the transaction dates, in which case, revenues and expenses are translated at the rate on the
transaction dates). The cumulative translation adjustments are presented under “Valuation adjustments” in the Statements of
Changes in Equity and in the Statement of Comprehensive Income.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: 0in"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.3.
Investments in subsidiaries and in joint venture</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">In the consolidated financial statements,
investments in subsidiaries are consolidated and investments in associates and joint ventures are accounted for using the equity method.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Upon applying the equity method, the
Company determines whether it is necessary to recognize an additional impairment loss from the subsidiary or joint venture. The Company
determines, at each reporting date, whether there is objective evidence that the investment in the subsidiary or joint venture has suffered
an impairment loss. If so, the Company calculates the impairment loss as the difference between the recoverable amount of the subsidiary
or joint venture and the carrying amount and recognizes the loss in “Equity in the results of investees” in the statement of
operations. No impairment losses were recognized in 2025.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">A joint venture arises from an agreement
in which the parties have joint control and rights to the net assets of the investee. Joint control reflects agreed contractual sharing
when decisions regarding significant activities require the unanimous consent of the parties.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: 0in"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.4.
Cash and cash equivalents and marketable securities</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Cash and cash equivalents include cash,
bank deposits and short-term highly liquid financial investments for which there are no penalties or other restrictions for early withdrawal.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Marketable securities include the financial
investments provided as guarantee for loans and financing recorded in current and noncurrent assets based on their maturities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Certain debt agreements require the
Company to hold marketable securities as guarantee for the outstanding balances. Such investments are restricted whilst acting as a guarantee.
The Company records the purchases and sales of such investments as investment activities in the statement of cash flows.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Cash equivalents and marketable securities
are measured at fair value through profit or loss.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Financial investments and repurchase
agreements may have original maturities exceeding 90 days redeemable by the financial institution issuing the security plus interest with
no early redemption penalty which are classified as cash and cash equivalents. Investments in deposit certificates that are not eligible
for redemption without penalties are held in marketable securities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The fixed income investments are intended
to be held by the Company and not yet allocated to rural activities as per the policy approved by the Board of Directors.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.5.
Financial instruments</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">a)</td><td style="text-align: justify"><span style="text-decoration:underline">Financial assets</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><i>Initial recognition and measurement</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Financial assets are measured at fair
value upon initial recognition and subsequently measured at amortized cost or at fair value through profit or loss.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The classification of financial assets
upon initial recognition depends on the characteristics of the contractual cash flows of the financial asset and on the Company’s business
model for managing these financial assets. Trade accounts receivable that do not contain a significant financial component or for which
the Company applied the practical expedient are measures at the transaction price pursuant to IFRS 15.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">For a financial asset to be classified
and measured at its amortized cost, it must generate cash flows that are “solely payments of principal and of interest” (also
referred to as the “SPPI test”) applicable to the outstanding principal.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Under the Company’s business model,
financial assets are managed to generate cash flows. The business model determines if cash flows result in the collection of contractual
cash flows, upon the sale of financial assets or both.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Purchases or sales of financial assets
that require delivery of assets within a timeframe set by regulations or market conventions (typically negotiations) are recognized on
the date of the trade, i.e. on the date the Company undertakes to purchase or sell the asset.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><i>Subsequent measurement </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">For the purposes of subsequent measurement,
the Company’s financial assets are classified as:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">i. Financial assets at fair value through
profit or loss</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Financial assets at fair value through
profit or loss include financial assets held for trading, financial assets designated upon initial recognition as at fair value through
profit or loss or financial assets to be mandatorily measured at fair value. The Company designates certain financial assets at the initial
recognition by the fair value through profit or loss. This designation cannot be later altered. These assets are mainly marketable securities,
derivatives and receivables from the sale of farms, which consist of debt instruments presented in the consolidated balance sheet as “Accounts
receivable.”</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Changes in fair value related to receivables
of the sale of farms designated at fair value through profit or loss are recognized in “Income/expense from farm receivable indexation
adjustments” under “Financial income.”</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">ii. Financial assets at amortized cost
(debt instrument).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company measures financial assets
at amortized cost when the following conditions are met:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">The financial asset is maintained within a business model
whose objective is to hold financial assets for the purpose of receiving contractual cash flows.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">The contractual terms of the financial asset give rise, on
specific dates, to cash flows composed solely of payments of principal and interest on the outstanding principal.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Financial assets at amortized cost are subsequently measured
using the effective interest rate method and are subject to impairment tests. Gains and losses are recognized as profit or loss upon
derecognition, modification or impairment of the asset.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">The Company’s financial assets at amortized cost include
all trade account receivables, loans with affiliates and marketable securities given as collateral for loans and financing.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Impairment
of financial assets</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The following financial assets held
by the Company are subject to the model of “expected credit losses:”</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">accounts receivable from customers from sales of agricultural
and cattle products and the sale of farms;</td>
</tr></table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">financial assets measured at amortized cost; and</td>
</tr></table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">financial assets measured at fair value through others comprehensive
income. </td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Although cash and cash equivalents
also are subject to impairment requirements under IFRS 9, the impairment losses on these assets are not significant.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Trade accounts receivable and contract
assets</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company applies a simplified approach
for IFRS 9 to measure expected credit losses considering an estimate for expected losses over the useful life for all trade accounts receivable
and contract assets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Expected loss rates are based on sales
payment profiles over a specified period, respectively, and the corresponding historical credit losses incurred during this period. Historical
loss rates are adjusted to reflect current and forward-looking information for macroeconomic factors that affect the customers’ capacity
to settle receivables.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Trade accounts receivable and contract
assets are written off when there is no reasonable expectation of recovery. Indications that there is no reasonable expectation of recovery
include: incapacity of the debtor to undertake a renegotiation plan of their debt with the Company or to make contractual payments of
liabilities overdue more than 90 days.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Impairment losses of trade accounts
receivable and contract assets are presented as net impairment losses, under operating profit. Subsequent recoveries of amounts previously
written off are credited to the same account.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Financial assets measured at amortized
cost and at fair value through other comprehensive income</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">All investments in marketable securities
at amortized cost and at fair value through other comprehensive income are considered to have low credit risk and the estimate for recognized
losses during the year was therefore limited to expected credit losses for 12 months. Management considers “low credit risk”
instruments traded in the market if such investment rating is assigned by at least one major rating agency. Other instruments are considered
to have low credit risk when they pose a low risk of default and when its issuer has a firm capacity to meet its contractual cash flow
obligations in the short term.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Estimated losses from investments in
marketable securities at fair value through other comprehensive income are recognized in profit or loss and reduce the fair value loss
in other comprehensive income. The result from application of the model of expected credit losses was insignificant.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Other financial assets at amortized
cost include marketable securities that do not bear interest and listed private securities (previously held to maturity), loans to related
parties and other accounts receivable. Estimated losses from other financial assets at amortized cost are recognized in profit or loss
for the year</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">b)</td><td style="text-align: justify"><span style="text-decoration:underline">Financial Liabilities</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><i>Initial recognition and measurement</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Financial liabilities are initially
recognized at their fair value; in the case of financial liabilities not recognized at fair value through profit or loss, any transaction
costs directly attributable to the issue of such financial liability are also included.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company’s financial liabilities
include trade account payables and other payables, loans and financing and derivative instruments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><i>Subsequent
measurement</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The measurement of financial liabilities
depends on their classification, as described below:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">(i)</td><td style="text-align: justify">Financial liabilities at fair value through profit or loss</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: -21.3pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Financial liabilities at fair value
through profit or loss include financial liabilities held for trade and financial liabilities designated, upon initial recognition, as
at fair value through profit or loss.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Financial liabilities are classified
as held for trade when they are intended for repurchase in the short term. This category also includes derivate instruments contracted
by the Company that are not designated as hedge instruments under the hedge relations pursuant to IFRS 9.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Gains and losses from held-for-trading
liabilities are recognized in the statement of operations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Financial liabilities that meet IFRS
9 are designated at fair value through profit or loss on the initial recognition date.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">(ii)</td><td style="text-align: justify">Financial liabilities at amortized cost</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: -32.3pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">After initial recognition, loans and
financing, contracted and granted, that are subject to interest are subsequently measured at amortized cost, using the effective interest
rate method.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Gains and losses are recognized in
the statement of operations when liabilities are derecognized, as well as through the amortization of the effective interest rate.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Amortized cost is calculated based
on any premium or discount in the acquisition and fees or costs that compose the effective interest rate method. Amortization through
the effective interest rate method is recorded as a financial expense in the statement of operations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">This category usually applies to loans
and financing granted and contracted, subject to interest payments (Note 17).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: 0in"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.6.
Derivative financial instruments</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company uses derivative financial
instruments, such as future exchange contracts, interest rate swaps and forward commodity contracts, to hedge against risks related to
exchange rates, interest rates and commodity prices, respectively. These derivative financial instruments are initially recognized at
fair value on the date on which the derivative contract is signed and are, subsequently, remeasured at fair value. Derivatives are recorded
as financial assets when their fair value is positive and as financial liabilities when their fair value is negative. The Company did
not designate any derivative for hedge accounting. The Company does not operate with derivative instruments for speculative purposes.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Any gains or losses arising from changes
in the fair value of derivatives during the year are recognized immediately in the statement of operations (Note 26).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The fair value of derivative financial
instruments is disclosed in Note 7. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: 0in"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.7.
Trade receivables and other credits</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Trade receivables are amounts due from
customers for merchandise and farms sold in the ordinary course of the BrasilAgro Group’s business. If collection is expected in one year
or less, trade receivables are classified as current assets. Otherwise, they are presented as non-current assets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Trade receivables not related to the
sale of farms are initially recognized at fair value, and subsequently, measured at amortized cost under the effective interest rate method
less any expected credit losses, if necessary.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Accounts receivable from customers
related to the sale of farms, for which the amount receivable is contractually determined in numbers of bags of soybeans or arrobas of
cattle, equivalent to an amount in Reais initially classified as financial assets and measured at fair value through profit or loss. In
these cases, the accounts receivable is remeasured at each balance sheet date by applying the number of bags of soybeans or arrobas of
cattle to the quotation for future delivery on the due date of each installment (or based on estimates and broker quotes when there is
no quotation for future delivery on a specific due date) and multiplying the resulting amount in US dollars by the USD to R$ exchange
rate for future delivery also on the same due date (assuming that future soybean and arroba quotations are denominated in US dollars).
The resulting amount in Reais is measured at fair value using a discounted cash flow calculation. The gain (loss) on the remeasurement
of receivables is recognized in the financial result under “Income/expense from farm receivable indexation adjustments” in
“Financial result” (Note 26).</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>3.8. Inventories</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The inventories of agricultural products
from biological assets are measured at fair value when they are ready to be harvested, less selling expenses, being transferred from biological
assets to inventories. After harvesting, they are measured at net realizable value, pursuant to Technical Pronouncement IAS 2 - Inventories.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Net realizable value is the estimated
selling price in the ordinary course of business, minus the estimated costs of completion and costs necessary to complete the sale.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">When sales contracts are signed with
customers, the sales prices defined in the contracts are used as the premise for calculating realizable value; for inventory quantities
when there are no sales contracts signed with customers, the Company uses market prices to calculate the realizable value. The adjustment
to realizable value is recognized in the statement of operations for the period to which it relates, under “Provision for the recoverable
value of agricultural products.”</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The inventories of seeds, manures,
fertilizers, pesticides, fuel, lubricants, warehouse and sundry materials were assessed at the average acquisition cost.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">If cases of shrinkage (either due to
storage, load, transportation and other events related to the operation) an assessment and physical segregation of products is carried
out. The responsible officers, as duly formalized in the Company’s management system, perform an internal process of registration, approval,
disposal of inventories and destination of the inventory. When the need to recognize an inventory impairment is identified, the corresponding
amount is recorded in profit or loss, reflecting the reduction to the recoverable amount of the assets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: 0in"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.9.
Non-current assets held for sale</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Pursuant to IFRS 5, an entity classifies
non-current assets as “held for sale” when there is a firm intention to sell and the sale is considered highly probable within
12 months. These assets are reclassified to current assets and measured at the lower of their carrying amount and the net fair value selling
costs.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">From the classification date, the entity
discontinues depreciation or amortization of the assets and performs impairment tests. Assets and liabilities directly related to the
discontinued operation are presented separately in the financial statements, as required by IFRS 5.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: -24.55pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.10.
Biological assets</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company’s and its subsidiaries’
biological assets consist mainly of grain (soybean, corn, beans), cotton, sugarcane and of beef cattle (or cattle production), which are
measured at fair value ex-selling expenses.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Agricultural production</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The fair value of biological assets
is determined upon initial recognition and at each subsequent balance sheet date. Gains and losses arising from changes in fair value
of biological assets is determined by the difference between fair value and costs incurred with plantation and treatment of crops of biological
assets and is recorded in the statement of operations under “Changes in fair value of biological assets and agricultural products”.
In some cases, the estimated fair value ex-selling expenses approximates cost of formation, particularly when only a small biological
transformation has taken place or when no material impact is expected from such biological transformation on price. Biological assets
continue to be recorded at their fair value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Sugarcane
crops have a five-year production cycle on average; the beginning of a new cycle depends on the completion of the previous cycle. Accordingly,
the current cycle is classified as short-term biological asset, and the amount related to sugarcane stubble crops (bearer of other cycles)
are classified as carrier carried as plant in property, plant and equipment. The calculation methodology used to estimate “sugarcane”
biological assets is through the discounted cash flow using a rate compatible with the risk and nature of operations. The future cash
flows are projected in accordance with the productivity cycle for each harvest, taking into consideration the estimated useful life of
each area, the price of total sugar recoverable, estimated productivity and the related estimated costs of production, including the
cost of land, harvest, loading and transportation for each planted hectare.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The soybean, corn, cotton and beans
are temporary crops, in which the agricultural product is harvested after a period from 90 to 240 days after the planting date, depending
on the culture, variety, geographic location and climate conditions. The calculation methodology used to estimate the value of the biological
assets of grains is the discounted cash flow using a rate compatible with the risk and nature of operations. The future cash flows are
projected taking into consideration the estimated productivity, future costs based on the Company budget or on new internal estimates
and market prices. The prices for commodities are those available in futures markets, obtained from quotes on the following boards of
trade: CBOT (“Chicago Board of Trade”), B3 (Brasil, Bolsa, Balcão), and NYBOT (“New York Board of Trade”).
For the agricultural products not quoted in this type of market, prices are obtained through direct market surveys or disclosed by specialized
companies. Market prices are used for related logistic and tax discounts to arrive at the prices of each of these products in each production
unit of the Company.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">As mentioned above, the fair value
of the biological assets disclosed in the balance sheet was determined using the discounted cash flow methodology. Data inputs are from
information observed in the market, whenever possible, and when not feasible, by applying judgment to establish the fair value. Judgment
includes considerations as to the costs incurred to sell the product, such as price, productivity and production cost. Changes in the
assumptions on these factors might affect the fair value presented in biological assets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Cattle production</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company produces and sells beef
calves after weaning, a breeding activity. In Paraguay, the main activity is fattening the cattle.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">For segregation purposes, when applicable,
the Company classifies its cattle into food cattle (current assets), which can be sold for meat production; and cattle for reproduction
(non-current assets), in farm operations to generate other biological assets. At the date of these financial statements, the Company beef
cattle includes that for breeding and fattening, calves, heifers, pregnant heifers, pregnant cows, calves, steers and bulls.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The fair value of cattle is calculated
at market value, based on specialized consulting sources in each location, for an active market. Gains or losses on changes in the fair
value of biological assets are recognized in profit or loss in the period in which they occur. The Company used the prices in the cattle
market in Bahia state and in Boqueron (Paraguay), for the main market, and the metrics used in the market.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Accordingly, food cattle, when applicable,
and production cattle are measured based on arroba and the age bracket of animals.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.11.
Investment properties</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company’s business strategy is
to seek opportunities for the acquisition, development, exploration and sale of rural properties where agricultural activities can be
developed. The Company acquires rural properties believed to have significant potential to generate value by means of maintenance of assets
and development of profitable agricultural activities. By acquiring rural properties, the Company seeks to implement higher value-added
crops and transform these rural properties with investments in infrastructure and technology, in addition to entering into lease contracts
with third parties. Based on this strategy, once Management believes that its rural properties are profitable, it sells these to realize
capital gains which are recorded “gain from sale of farms” in the statement of operations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Rural property land purchased by the
Company is stated at acquisition cost, which does not exceed its net realizable value, and is presented in “non-current assets”.
The fair value of each property is disclosed in Note 11.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Buildings, improvements and opening
of areas in investment properties are valued at historical cost, less accumulated depreciation, following the same criteria described
for property, plant and equipment (Note 3.11).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: -24.55pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.12.
Property, plant and equipment</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Property, plant and equipment is stated
at historical cost less accumulated depreciation. Historical cost includes expenditures directly attributable to the acquisition of the
items and finance costs related to the acquisition of qualifying assets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Subsequent costs are included in the
asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated
with the item will flow to the Company and the cost of the item can be reliably measured. All other repair and maintenance costs are charged
to the statement of operations for the year, as incurred.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Depreciation is calculated using the
straight-line method to allocate cost to the residual values over useful lives estimated by specialists, except for permanent crops that
depend on the volume produced in the period. The annual depreciation rates are described below:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td colspan="5" style="font-weight: bold; text-align: justify">Annual depreciation rates %</td><td> </td>
<td colspan="2" style="text-align: justify"> </td><td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: justify">Buildings and improvements</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: justify">Equipment and facilities</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">Vehicles and agricultural machinery</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: justify">Furniture and fixtures</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">Opening of areas</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: justify">Stubble crops</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The assets’ residual values and useful
lives are revised and adjusted, if appropriate, at the end of each reporting period.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">An asset’s carrying amount is written
down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Gains and losses on disposals are determined
by comparing the sale price with the carrying amount and are recognized in “Other operating (expenses) income” in the statement
of operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>3.13.
Intangible assets</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Intangible assets comprise software
licenses amortized over their estimated useful life of five years.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Costs associated with software maintenance
are recognized as an expense as incurred.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.14.
Impairment of non-financial assets</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Pursuant to IAS 36 - Impairment of
assets, requires investment properties, property, plant and equipment and intangible assets to be subject to impairment tests whenever
events or changes in circumstances indicate that their book value may not be recovered.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Assets with definite useful life are
reviewed for impairment indicators and whenever events or changes in circumstances indicate that the book value may not be recovered.
If any indicator is detected, the assets are tested for impairment. An impairment loss is recognized at the amount at which the accounting
cost exceeds its recoverable amount.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">On June 30, 2025, 2024 and 2023, no indication
of impairment of assets was identified.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.15.
Trade accounts payables</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Trade payables are obligations to pay
for goods or services that have been acquired in the ordinary course of business from suppliers. They are initially recognized at fair
value and subsequently measured at amortized cost using the effective interest method, being classified as current liabilities if payment
is due within a period of up to one year and measured at amortized cost. Otherwise, they are presented as non-current liabilities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.16.
Loans, financing and debentures</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Loans and financing are recognized
initially at fair value, net of transaction costs incurred and subsequently carried at amortized cost.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Any difference between the amounts
raised (net of transaction costs) and the settlement value is recognized in the statement of operations during the period in which the
loans are outstanding, using the effective interest rate method. Loans are derecognized when the contractual obligation is extinguished,
canceled, or expired. Interest paid on loans is recognized in the statement of operations under “loans and financing.”</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Fees paid for loan facilities are recognized
as transaction costs to the extent that it is probable that some or all the facility will be drawn down. In this case, the fee is deferred
until the draw-down occurs. To the extent there is no evidence that it is probable that some or all the facility will be drawn down, the
fee is capitalized as a prepayment for liquidity services and amortized over the period of the loan to which it relates.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Loans are classified as current liabilities
unless the Company has the right, at the balance sheet date, to defer settlement of the liability for at least one year or more after
the balance sheet date.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Restrictive contractual clauses (covenants)
that the BrasilAgro Group is obligated to comply measured at the balance sheet date are considered when classifying loans as current or
non-current. However, those that the BrasilAgro Group is obligated to comply with after the balance sheet date do not affect the classification
at the balance sheet date but are subject to disclosure in the financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>3.17.
Provisions</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Provisions are recognized when: (i)
the Company has a present or constructive obligation as a result of events that have already occurred; (ii) it is probable that an outflow
of resources will be required to settle the obligation; and (iii) the amount can be estimated reliably.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The contingent liabilities arising
from labor, social security, tax, environmental, contractual, operating obligations and administrative and judicial claims are recorded
at their estimated amount when the loss is considered to be probable (Note 4.a).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The assessment of the probability of
loss includes an evaluation of available evidence, the hierarchy of laws, available case law, the most recent court decisions and their
relevance to the legal system, as well as the assessment of external legal counsel. Provisions are reviewed and adjusted to take into
account changes in circumstances, such as the applicable limitation period, tax audit findings, or additional exposures identified based
on new matters or court decisions.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.18.
Current and deferred income tax and social contribution</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(a)</td><td style="text-align: justify"><span style="text-decoration:underline">Current income tax and social contribution</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Current income tax assets and liabilities
are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute
the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Company operates and generates
taxable income. As allowed by the Brazilian tax legislation, certain subsidiaries opted for a tax regime under which taxable profit is
computed as a percentage of revenues. Under this regime, taxable profit for income and social contribution tax is calculated by applying
a rate of 8% and 12% on gross revenue, respectively, on which the statutory rates for income and social contribution tax are applied.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(b)</td><td style="text-align: justify"><span style="text-decoration:underline">Deferred income tax and social contribution</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Deferred income taxes are recognized
for temporary differences between the tax base of assets and liabilities and their carrying amounts for financial reporting purposes at
the reporting date. A deferred income tax liability is recognized for all the temporary differences, whereas deferred income tax assets
are only recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences
can be utilized, including the recognition of a deferred tax asset related to unused tax loss carryforwards. Deferred tax assets and liabilities
are classified as non-current. Deferred income tax related to items directly recognized in equity are also recognized in equity.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Deferred tax assets and liabilities
are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on
tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. In Brasil such rates are 25% for income
tax and 9% for social contribution tax (Note 18).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Deferred income tax assets and liabilities
are presented net in the balance sheet when there is a legal right and intention to offset them when calculating current taxes, generally
related to the same legal entity and the same tax authority. Therefore, deferred tax assets and liabilities in different entities or in
different countries are generally presented separately, rather than net.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>3.19.
Employee benefits</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">a)</td><td style="text-align: justify"><span style="text-decoration:underline">Share-based payments</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company operates a number of equity-settled,
share-based compensation plans, under which the entity receives services from employees as consideration for equity instruments (options
and shares) of the Company.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The cost of transactions settled with
shares is recognized as expense for the year, jointly with a corresponding increase in equity during the year in which the conditions
of performance and/or provision of services are met. The accumulated expenses recognized in connection with the equity instruments on
each base date, until the date of acquisition, reflect the extent to which the acquisition period has expired and the best estimate of
the Company as to the number of equity instruments to be acquired.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The expense or reversal of expenses
for each year represents the changes in accumulated expenses recognized in the beginning and end of the year. Expenses related to services
that did not complete their acquisition period are not recognized, except for transactions settled with shares in which the acquisition
depends on a market condition or on the non-acquisition of rights, which are treated as acquired, irrespective of whether the market condition
or the condition of non-acquisition of rights is fulfilled or not, provided that all other conditions of performance and/or provision
of services are met.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">When an equity instrument is modified,
the minimum expense recognized is the expense that would have been incurred if the terms had not been modified. An additional expense
is recognized in case the modification raises the total fair value of the consideration paid for such shares or that otherwise benefits,
as measured on the date of modification.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">If an equity instrument is canceled,
such instrument is treated as if it was fully acquired on the date of cancellation, and any expenses not yet recognized, relating to the
premium, are recognized immediately in the statement of income of the year.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">This includes any premium whose non-acquisition
conditions under the control of the Company or the employee are not met. However, if the canceled plan is replaced by a new plan and substitute
grants are generated, on the date it is granted, the canceled grant and the new plan will be treated as a modification of the original
grant, as described in the previous paragraph. All cancellations of transactions with share-based payments will be treated the same.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">b)</td><td style="text-align: justify"><span style="text-decoration:underline">Profit sharing</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company provides employees a profit-sharing
program, under which all of the employees have the right to receive annual bonuses based on the Company’s consolidated financial
and operational results, and also on personal goals set for individual employees. Profit sharing is recognized at year end, when the amount
can be reliably measured by the Company.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.20.
Capital</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Common shares are recorded in equity.
Incremental costs directly attributable to issue new shares or options are shown in equity as a deduction of the issued amount, net of
taxes.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>3.21.
Revenue from contracts with customers</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Revenue comprises the fair value of
the consideration received or receivable for the sale of goods in the ordinary course of the Company’s activities. Revenue is presented
net of taxes, returns, rebates and discounts, when applicable, as well as eliminations of sales among the Company subsidiaries.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company applies the model of IFRS
15 to measure and account for revenue from contracts with customers, which establishes the recognition of revenue in an amount that reflects
the Company’s expected consideration in exchange for the transfer of goods or services to a customer. The model is based on five steps:
i) identification of the contracts with customers; ii) identification of the performance obligations envisaged in the agreements; iii)
determination of the transaction price; iv) allocation of the transaction price to the performance obligations envisaged in the agreements;
and v) recognition of revenue when the performance obligation is fulfilled. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">a) <span style="text-decoration:underline">Sale of goods</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Revenue from grain and sugarcane sales
is recognized when the Company meets its performance obligations under its agreements with customers, usually when the products are delivered
to the buyer at the given location, according to the agreed sales terms.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">In the case of grains, the Company
usually enters into sale contracts for future delivery determining that the price may be established by the Company, for the total or
partial volume sold, up to the delivery, in accordance with formulae established in contract. In certain cases, this formula established
in contract determines a price in U.S. dollars. The amount in Reais is also determined in contract, based on the exchange rate effective
a few days before the date of financial settlement. The price can may be adjusted by other factors, such as humidity and other technical
characteristics of grains.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">For the sale of sugarcane, the Company
normally enters into sale agreements for future deliveries, in which factors such as volume and minimum ATR are pre-fixed. The pricing
of sugarcane considers the quantity of ATR per ton of sugarcane delivered, and the ATR pricing, disclosed monthly by Consecana.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Upon the delivery of grains, revenue
is recognized based on the price established with each buyer considering the exchange rate effective on the delivery date. After the grains
are delivered, the quality and final weight are evaluated, thus determining the final price of the transaction, and adjusting the contractual
amounts, adjusted by the exchange rate at the settlement date.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">b) <span style="text-decoration:underline">Sale of farms</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Sales of farms are not recognized in
the statement of operations until (i) the sale is completed, (ii) the Company determines that it is probable the buyer will pay, (iii)
the amount of revenue can be measured reliably, and (iv) the Company has transferred to the buyer the control that corresponds to the
transfer of ownership.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The result from sales of farms is presented
in the statement of operations as “Gain on sale of farm” being the difference between the consideration value for the sale
and the book value of the farm sold.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">c) <span style="text-decoration:underline">Revenue
from cattle raising</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Revenue from the sale of cattle is
recognized when the material risks and the benefits of cattle ownership are transferred to the buyer, usually when cattle is delivered
to the buyer at the specified place, in accordance with the terms of the sale agreed upon.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">In Brazil the activities comprise the
production and sale of beef calves after weaning (known as rearing). Infertile animals may be sold to meat packers for slaughter. In Paraguay,
the activities comprise fattening and selling cattle for slaughter. The pricing for sale of rearing cattle is based on the price of the
arroba of fattened cattle in the respective market (the arroba price is verified on the transaction date), adjusted for the animal weight
and premium related to the category. The sale of animals for slaughter in the Brazil and Paraguay operations, take into account the price
of the arroba of fattened cattle or heifer/cow on the date of sale in the respective market, applied to carcass yields. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.22.
Financial income and expenses</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">These comprise interest, indexation
and foreign exchange variations arising from loan and financing contracts, short-term investments, accounts receivable from farms, trade
accounts receivable, indexation and foreign exchange variation recoverable and payable, gains and losses on measurement at fair value
of derivative financial instruments and accounts receivable from sale of farms, as well as discounts obtained from suppliers for the prepayment
of trade notes.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.23.
Leases</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company has land lease and agricultural
partnership agreements as well as service agreements. The Company evaluates, on the effective date, of all its agreements to establish
if an agreement is or contains a lease arrangement. A lease agreement provides the right to control the use of an asset identified for
a period in exchange for consideration. The Company assesses exercising extension and termination options for factors such as financial
benefits, market conditions, and operational strategies to determine whether there is a reasonable expectation that the lease will be
extended or maintained until the end of the agreed term. Additional periods, resulting from extension options or the non-use of termination
clauses, only occurs when there is sufficient evidence to reflect the entity’s intention.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">The Company as a lessee</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company applies a single approach
for recognizing and measuring all leases, except short-term leases and low-value asset leases. The Company recognizes lease liabilities
to effect payments of the leases and right-of-use assets that represent the right to use underlying assets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Right-of-use assets</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company recognizes right-of-use
assets on the effective date of the lease (i.e., the date on which the underlying asset is available for use). Right-of-use assets are
measured at cost, deducting any accumulated depreciation and impairment losses, and adjusted by any remeasurement of lease liabilities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The cost of right-of-use assets includes
the amount of lease liabilities recognized, the initial direct costs incurred, and the payments of leases made until the effective date,
less any lease incentives received.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Right-of-use assets are depreciated
on a straight-line basis over the lease period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Lease
liabilities</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">On the effective date of the lease,
the Company recognizes lease liabilities measured at the present value of the payments to be made during the lease period. Lease payments
include fixed payments less any lease incentives receivable, variable lease payments that depend on an index or rate and expected amounts
to be paid under guarantees of residual value. Lease payments also include the exercise price of a purchase option reasonably certain
to be exercised by the Company and payments of fines due to termination of the lease agreement, if the lease period reflects the Company
exercising the option to terminate the lease agreement.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Variable lease payments that do not
depend on an index or rate are recognized as expenses (except if they were incurred to produce inventories) in the period in which the
event or condition that generates these payments occurred.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">When calculating the present value
of lease payments, the Company uses its incremental loan rate on the effective date as the interest rate implicit in the lease cannot
be easily determined. The incremental loan rate is the rate the lessee would have to pay on a loan to obtain the funds to acquire an asset
of similar value, in a similar economic environment, with equivalent terms and conditions. After the effective date, the lease liability
is increased to reflect the accrued interest and reduced for the lease installments paid.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The book value of lease liabilities
is remeasured if there are any modifications, changes in lease period, changes in lease payments (e.g., changes in future payments resulting
from a change in the index, rate or price used to determine such lease payments) or changes in the value of a purchase option of the underlying
asset.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Short-term leases and low-value
asset leases</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company applies the short-term
lease exemption for the short-term lease of machinery and equipment (i.e., lease periods equal to or less than 12 months as from the effective
date and do not have purchase options). It also applies the low-value asset lease exemption to leases of office equipment of low value.
Payments of short-term leases and low-value asset leases are recognized as an expense on a straight-line basis during the lease period.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">The Company as a lessor</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Leases in which the Company does not
transfer substantially all risks and benefits of asset ownership are classified as operating leases. Revenue from rentals are registered
on a straight-line basis, over the lease period, and is included in the statement of operations and treated as an operating activity.
Initial direct costs incurred in negotiations of operating leases are added to the book value of the rented asset and recognized over
the lease period similar to revenue from rentals. Contingent rentals are recognized as revenue during the period in which they are calculated.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.24.
Distribution of dividends</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Distributions of dividends and interest
on equity to the Company’s stockholders are recognized as a liability in the Company’s financial statements at year end based on the Company’s
articles of incorporation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Any amount that exceeds the minimum
required dividend is identified in the statement of changes in equity and only transferred to current assets on the date it is approved
by the stockholders at the general meeting, according to the proposal presented by the Board of Directors.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>3.25.
Adjustment to present value – assets and liabilities</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The elements comprising assets and
liabilities, arising from long- or short-term operations of material effect, are adjusted to present value.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Accordingly, certain elements of assets
and liabilities are adjusted to present value, based on discount rates, which aim to reflect the best estimates, as regards to the time
value of money. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-size: 10pt">The discount
rate used varies matching the characteristics of the assets and liabilities including the risk, term and the average real rate of interest
of loans and financing</span>.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: -36.85pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.26.
Basic and diluted earnings (loss) per share</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The basic earnings (loss) per share
are calculated by dividing net income by the average weighted number of outstanding common shares during the year.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The diluted earnings per share further
reflect the number of additional shares that would be outstanding if the shares with potential dilution attributable to stock options
and warrants had been issued during the related years.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.27.
Statement of cash flows</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Interest paid is classified as cash
flows from financing activities since it represents costs for obtaining financial resources and are not considered cash flows from operating
activities of the Company.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.28.
Non-financial obligations</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: -28.35pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: -0.05pt">The non-financial
obligations refer to commitments for the delivery of agricultural products, such as soybeans or sugarcane, in lieu of cash payment in
agricultural partnerships or asset acquisitions. This practice is common in the agribusiness sector, where, instead of cash payments,
settlement occurs through the delivery of agricultural products produced by the Company.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: -0.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: -0.05pt">Initial recognition:
The liability is initially recognized at its fair value on the date the commitment to deliver is formalized. This value is determined
based on the market price of the agricultural products at the contract date, adjusted for the specific conditions of the operation and
the relevant commercial market.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: -0.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: -0.05pt">Remeasurement:
The obligations are reassessed at each reporting date based on their fair value, considering the market price of the products at the financial
statement closing date. Changes in the fair value of these obligations are recognized in financial income or the Right of Use, in accordance
with IFRS 16 - Leases. These adjustments reflect fluctuations in the agricultural market, providing a more accurate estimate of the liability’s
value.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: -0.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: -0.05pt">Payment: Delivery
of the agricultural products is made in accordance with the terms of the contract, replacing cash payment. The value of the liability
is settled upon delivery of the agreed-upon products, with adjustments made to the liability account based on its fair value.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: -0.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: -0.05pt">The Company considers
the delivery of agricultural products, instead of cash payment, to be a common and essential practice for financing partnerships and maintaining
operations. As such, the obligations arising from this practice are treated as non-financial obligations, accurately reflecting the economic
substance of the transactions.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.29.
Business combinations</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Business combinations are accounted
for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured
at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. Acquisition-related costs are expensed
as incurred and included in administrative expenses.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">When the Company acquires a business,
the Company evaluates the financial assets and liabilities assumed for appropriate classification and allocation in accordance with the
contractual terms, economic circumstances and pertinent conditions as at the acquisition date.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Any contingent consideration to be
transferred by the acquiring company will be recognized at fair value on the acquisition date. Contingent consideration classified as
an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments, is measured at fair value with
the changes in fair value recognized in the income statement in accordance with IFRS 9.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Goodwill is initially measured at cost
(being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests and any previous
interest held over the net identifiable assets acquired and liabilities assumed). If the fair value of the net assets acquired is in excess
of the aggregate consideration transferred, the Company re-assesses whether it has correctly identified all of the assets acquired and
all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the
reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the
gain is recognized in profit or loss.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.30.
Fair value measurement</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company measures financial instruments
(such as derivatives) and non-financial instruments (such as biological assets) at fair value on each balance sheet date.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Fair value is the price that would
be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place
either:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">in
the principal market for the asset or liability; or</span></td>
</tr></table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">in
the absence of a principal market, in the most advantageous market. The principal or more advantageous market must be accessible by the
Company.</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The fair value of an asset or a liability
is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants
act in their economic best interest.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">A fair value measurement of a non-financial
asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or
by selling it to another market participant that would use the asset in its highest and best use.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company uses valuation techniques
that are appropriate in the circumstances and for which sufficient data are available to measure the fair value, maximizing the use of
relevant observable inputs and minimizing the use of unobservable inputs.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">All assets
and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy,
described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"></p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Level
1 – Quoted (unadjusted) market prices in active markets for identical assets or liabilities;</span></td>
</tr></table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Level
2 – Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly
observable; and</span></td>
</tr></table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Level
3 – Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">For assets and liabilities that are
recognized in the financial statements at fair value on a recurring basis, the Company determines whether transfers have occurred between
levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement
as a whole) at the end of each reporting period.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.31.
New standards, amendments and interpretations</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The following alterations in standards
were issued by the IASB but have not become effective for fiscal year 2025. Early adoption of standards, although encouraged by IASB,
is not allowed in Brazil. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Amendment to IAS 21 - “Effect of Changes in Exchange
Rates: Lack of Interchangeability”: IAS 21 includes guidance on the exchange rate to use when the lack of interchangeability between
two currencies is temporary, but is silent when the lack of interchangeability occurs for a long period. The amendment also requires
disclosure of information that allows understanding how the currency that cannot be exchanged for another currency affects the financial
performance and cash flows of the entity. The Standard came into effect on January 1, 2025, and is effective for the Company from the
year beginning July 1, 2025. The Company does not expect these amendments to have a material impact on its operations or financial statements.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">IFRS 19 - Subsidiaries Without Public Responsibility: The
IASB issued a new Accounting Standard, IFRS 19, which aims to simplify and reduce the costs of preparing subsidiaries’ financial statements
by standardizing their disclosures with the Accounting Standards reported, meeting the needs of the parent company and information users.
The Standard will come into effect on January 1, 2027. The Company does not expect these changes to have an impact on its financial statements.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">IFRS 18 - Presentation and Disclosure of Financial Statements:
This new accounting standard will replace IAS 1 - Presentation of Financial Statements, introducing new requirements that will help achieve
comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Although
IFRS 18 does not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure
are expected to be widespread, particularly those related to the demonstration of financial performance and the provision of performance
measures defined by management within the financial statements. Management is currently evaluating the detailed implications of applying
the new standard to the Company’s financial statements. Based on a preliminary assessment, the following potential impacts have been
identified:</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">o</td><td style="text-align: justify">Although the adoption of IFRS 18 will not have an impact on the BrasilAgro Group’s net profit, the grouping
of income and expense items in the statement of operations into the new categories is expected to have an impact on how the operating
result is calculated and disclosed.</td></tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">o</td><td style="text-align: justify">The line items presented in the primary financial statements may change as a result of the application
of the improved principles on aggregation and disaggregation. Furthermore, because goodwill must be presented separately in the balance
sheet, the BrasilAgro Group will disaggregate goodwill and other intangible assets and present them separately in the balance sheet.</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">o</td><td style="text-align: justify">The BrasilAgro Group does not expect a significant change in the information currently disclosed in the
notes to the financial statements, as the requirement to disclose material information remains unchanged; however, the way in which information
is grouped may change as a result of the aggregation/disaggregation principles. In addition, significant new disclosures will be required
for: (i) performance measures defined by management; (ii) disclosure of the nature of certain expense items presented by function in the
operating category of the statement of operations; and (iii) for the first year of application of IFRS 18, a reconciliation for each item
in the statement of operations between the amounts restated under IFRS 18 and the amounts previously presented under IAS 1.</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">o</td><td style="text-align: justify">For the statement of cash flows, there will be changes in how interest received and paid are presented.
Interest paid will be presented as financing cash flows and interest received as investing cash flows.</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The new standard is effective from
January 1, 2027, with retrospective application, that is, comparative information for the year ending June 30, 2027 will be restated in
accordance with IFRS 18.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Amendments to IFRS 9 and IFRS 7 - Classification and Measurement
of Financial Instruments: On May 30, 2024, the IASB issued amendments to IFRS 9 - Financial Instruments and IFRS 7 - Financial Instruments:
Disclosures to address recent practical issues, improve understanding, and include new requirements applicable to companies in general
and not just financial institutions. These amendments are effective January 1, 2026.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">There are no other IFRS standards or
IFRIC interpretations that have not yet come into force that could have a significant impact on the financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.1.
Basis of preparation</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">These
consolidated financial statements were approved by the Board of Directors on October 29, 2025.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The consolidated financial statements
are presented in thousands of Brazilian Reais, except where otherwise stated. Some of the totals presented in these financial statements
may not cast due to rounding.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The consolidated financial statements
have been prepared and are presented in accordance with International Financial Reporting Standards (IFRS Accounting Standards), issued
by the International Accounting Standards Board (IASB). All the references to IFRS Accounting Standards in these financial statements
correspond to the IFRS Accounting Standards as issued by the IASB.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The consolidated
financial statements have been prepared on the historical cost basis, except where otherwise stated, as described in the summary of significant
accounting policies.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Management has not identified any significant
uncertainty as to the Company’s ability to continue as a going.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The preparation of the financial statements
requires the use of certain critical accounting estimates. It also requires that Management use judgment in the process of application
of the Company’s accounting policies. Those areas requiring a higher level of judgment and with more complexity, as well as the
areas in which assumptions and estimates are significant for the financial statements, are disclosed in Note 4.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Non-financial data included in these
financial statements, such as sales volume, planted and leased area, number of farms, were not audited by the independent auditors.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Basis of consolidation</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The consolidated financial statements
comprise the financial statements of BrasilAgro and its subsidiaries as of June 30, 2025, 2024, and 2023 as described below:</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Ownership %</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; padding-bottom: 1.5pt"> </td> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Imobiliária Jaborandi Ltda.</td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center">Brazil</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">100</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">99.99</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">99.99</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Imobiliária Cremaq Ltda.</td><td> </td> <td style="text-align: center">Brazil</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Imobiliária Araucária Ltda.</td><td> </td> <td style="text-align: center">Brazil</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Imobiliária Mogno Ltda.</td><td> </td> <td style="text-align: center">Brazil</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Imobiliária Cajueiro Ltda.</td><td> </td> <td style="text-align: center">Brazil</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Imobiliária Ceibo Ltda.</td><td> </td> <td style="text-align: center">Brazil</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Imobiliária Flamboyant Ltda.</td><td> </td> <td style="text-align: center">Brazil</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Palmeiras S.A.</td><td> </td> <td style="text-align: center">Paraguay</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agropecuaria Morotí S.A.</td><td> </td> <td style="text-align: center">Paraguay</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agrifirma Agro Ltda.</td><td> </td> <td style="text-align: center">Brazil</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agrifirma Bahia Agropecuária Ltda.(a)</td><td> </td> <td style="text-align: center">Brazil</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Companhia Agrícola Novo Horizonte (a)</td><td> </td> <td style="text-align: center">Brazil</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agropecuaria Acres Del Sud S.A.</td><td> </td> <td style="text-align: center">Bolivia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Ombú Agropecuaria S.A.</td><td> </td> <td style="text-align: center"> Bolivia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Yuchán Agropecuaria S.A</td><td> </td> <td style="text-align: center">Bolivia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Yatay Agropecuaria S.A.</td><td> </td> <td style="text-align: center">Bolivia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.25in">(a)</td><td style="text-align: justify">Subsidiaries of Agrifirma – indirect control.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The subsidiaries are fully consolidated
from the date control was obtained, being consolidated until control ceases. An investee is controlled when the Company is exposed to,
or has rights on, variable returns arising from its involvement with the investee and is able to affect such returns through its power
in the investee. </p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The financial statements of the subsidiaries
are prepared for the same reporting period as that of the Company, using consistent accounting policies. All intragroup balances, revenues
and expenses are fully eliminated in the consolidated financial statements. The group of companies is referred to as the “BrasilAgro
Group.”</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The consolidated financial statements
comprise the financial statements of BrasilAgro and its subsidiaries as of June 30, 2025, 2024, and 2023 as described below:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Ownership %</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; padding-bottom: 1.5pt"> </td> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Imobiliária Jaborandi Ltda.</td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center">Brazil</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">100</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">99.99</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">99.99</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Imobiliária Cremaq Ltda.</td><td> </td> <td style="text-align: center">Brazil</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Imobiliária Araucária Ltda.</td><td> </td> <td style="text-align: center">Brazil</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Imobiliária Mogno Ltda.</td><td> </td> <td style="text-align: center">Brazil</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Imobiliária Cajueiro Ltda.</td><td> </td> <td style="text-align: center">Brazil</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Imobiliária Ceibo Ltda.</td><td> </td> <td style="text-align: center">Brazil</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Imobiliária Flamboyant Ltda.</td><td> </td> <td style="text-align: center">Brazil</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Palmeiras S.A.</td><td> </td> <td style="text-align: center">Paraguay</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agropecuaria Morotí S.A.</td><td> </td> <td style="text-align: center">Paraguay</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Agrifirma Agro Ltda.</td><td> </td> <td style="text-align: center">Brazil</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agrifirma Bahia Agropecuária Ltda.(a)</td><td> </td> <td style="text-align: center">Brazil</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99.99</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Companhia Agrícola Novo Horizonte (a)</td><td> </td> <td style="text-align: center">Brazil</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Agropecuaria Acres Del Sud S.A.</td><td> </td> <td style="text-align: center">Bolivia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Ombú Agropecuaria S.A.</td><td> </td> <td style="text-align: center"> Bolivia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Yuchán Agropecuaria S.A</td><td> </td> <td style="text-align: center">Bolivia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Yatay Agropecuaria S.A.</td><td> </td> <td style="text-align: center">Bolivia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td></tr> </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.25in">(a)</td><td style="text-align: justify">Subsidiaries of Agrifirma – indirect control.</td></tr></table>
Brazil
1
0.9999
0.9999
Brazil
1
0.9999
0.9999
Brazil
1
0.9999
0.9999
Brazil
1
0.9999
0.9999
Brazil
1
0.9999
0.9999
Brazil
1
0.9999
0.9999
Brazil
1
0.9999
0.9999
Paraguay
1
0.9999
0.9999
Paraguay
1
0.9999
0.9999
Brazil
1
0.9999
0.9999
Brazil
1
0.9999
0.9999
Brazil
1
Bolivia
1
1
1
Bolivia
1
1
1
Bolivia
1
1
1
Bolivia
1
1
1
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.2.
Foreign currency translation</b></p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.25in">a)</td><td style="text-align: justify"><span style="text-decoration:underline">Functional and presentation currency</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The financial statements of the Company
and its subsidiaries domiciled in Brazil are measured using the currency of the primary economic environment in which these companies
operate (the “functional currency”). For subsidiaries in Paraguay, the functional currency is the US dollar, and for subsidiaries
in Bolivia, the functional currency is the Bolivian boliviano. Therefore, the functional currency of the entities in Brazil, as well as
the presentation currency of the BrasilAgro Group’s consolidated financial statements, is the Brazilian Real/Reais (“R$”).</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">b)</td><td style="text-align: justify"><span style="text-decoration:underline">Transactions and balances in foreign currencies</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Transactions in foreign currencies
are translated into the functional currency using the exchange rates in effect on the transaction or valuation dates when the items are
remeasured. Exchange gains and losses resulting from the settlement of these transactions and translation at the year-end exchange rates,
relating to monetary assets and liabilities in foreign currencies, are recognized in the statement of operations under “Financial
income” and “Financial expense.”</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">c)</td><td style="text-align: justify"><span style="text-decoration:underline">Companies domiciled abroad</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">In preparing the Company’s financial
statements, the financial statements of companies abroad, whose functional currency is the U.S. dollar and the Bolivian boliviano, are
translated into Reais as follows: a) The assets and liabilities of the balance sheet, at the closing exchange rate; b) Equity accounts
at the historical exchange rate; and c) Revenues and expenses are translated at average exchange rates (unless such average is not a reasonable
approximation of the rates in effect on the transaction dates, in which case, revenues and expenses are translated at the rate on the
transaction dates). The cumulative translation adjustments are presented under “Valuation adjustments” in the Statements of
Changes in Equity and in the Statement of Comprehensive Income.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.3.
Investments in subsidiaries and in joint venture</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">In the consolidated financial statements,
investments in subsidiaries are consolidated and investments in associates and joint ventures are accounted for using the equity method.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Upon applying the equity method, the
Company determines whether it is necessary to recognize an additional impairment loss from the subsidiary or joint venture. The Company
determines, at each reporting date, whether there is objective evidence that the investment in the subsidiary or joint venture has suffered
an impairment loss. If so, the Company calculates the impairment loss as the difference between the recoverable amount of the subsidiary
or joint venture and the carrying amount and recognizes the loss in “Equity in the results of investees” in the statement of
operations. No impairment losses were recognized in 2025.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">A joint venture arises from an agreement
in which the parties have joint control and rights to the net assets of the investee. Joint control reflects agreed contractual sharing
when decisions regarding significant activities require the unanimous consent of the parties.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.4.
Cash and cash equivalents and marketable securities</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Cash and cash equivalents include cash,
bank deposits and short-term highly liquid financial investments for which there are no penalties or other restrictions for early withdrawal.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Marketable securities include the financial
investments provided as guarantee for loans and financing recorded in current and noncurrent assets based on their maturities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Certain debt agreements require the
Company to hold marketable securities as guarantee for the outstanding balances. Such investments are restricted whilst acting as a guarantee.
The Company records the purchases and sales of such investments as investment activities in the statement of cash flows.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Cash equivalents and marketable securities
are measured at fair value through profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Financial investments and repurchase
agreements may have original maturities exceeding 90 days redeemable by the financial institution issuing the security plus interest with
no early redemption penalty which are classified as cash and cash equivalents. Investments in deposit certificates that are not eligible
for redemption without penalties are held in marketable securities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The fixed income investments are intended
to be held by the Company and not yet allocated to rural activities as per the policy approved by the Board of Directors.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.5.
Financial instruments</b></p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">a)</td><td style="text-align: justify"><span style="text-decoration:underline">Financial assets</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><i>Initial recognition and measurement</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Financial assets are measured at fair
value upon initial recognition and subsequently measured at amortized cost or at fair value through profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The classification of financial assets
upon initial recognition depends on the characteristics of the contractual cash flows of the financial asset and on the Company’s business
model for managing these financial assets. Trade accounts receivable that do not contain a significant financial component or for which
the Company applied the practical expedient are measures at the transaction price pursuant to IFRS 15.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">For a financial asset to be classified
and measured at its amortized cost, it must generate cash flows that are “solely payments of principal and of interest” (also
referred to as the “SPPI test”) applicable to the outstanding principal.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Under the Company’s business model,
financial assets are managed to generate cash flows. The business model determines if cash flows result in the collection of contractual
cash flows, upon the sale of financial assets or both.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Purchases or sales of financial assets
that require delivery of assets within a timeframe set by regulations or market conventions (typically negotiations) are recognized on
the date of the trade, i.e. on the date the Company undertakes to purchase or sell the asset.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><i>Subsequent measurement </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">For the purposes of subsequent measurement,
the Company’s financial assets are classified as:</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">i. Financial assets at fair value through
profit or loss</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Financial assets at fair value through
profit or loss include financial assets held for trading, financial assets designated upon initial recognition as at fair value through
profit or loss or financial assets to be mandatorily measured at fair value. The Company designates certain financial assets at the initial
recognition by the fair value through profit or loss. This designation cannot be later altered. These assets are mainly marketable securities,
derivatives and receivables from the sale of farms, which consist of debt instruments presented in the consolidated balance sheet as “Accounts
receivable.”</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Changes in fair value related to receivables
of the sale of farms designated at fair value through profit or loss are recognized in “Income/expense from farm receivable indexation
adjustments” under “Financial income.”</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">ii. Financial assets at amortized cost
(debt instrument).</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company measures financial assets
at amortized cost when the following conditions are met:</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">The financial asset is maintained within a business model
whose objective is to hold financial assets for the purpose of receiving contractual cash flows.</td>
</tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">The contractual terms of the financial asset give rise, on
specific dates, to cash flows composed solely of payments of principal and interest on the outstanding principal.</td>
</tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Financial assets at amortized cost are subsequently measured
using the effective interest rate method and are subject to impairment tests. Gains and losses are recognized as profit or loss upon
derecognition, modification or impairment of the asset.</td>
</tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">The Company’s financial assets at amortized cost include
all trade account receivables, loans with affiliates and marketable securities given as collateral for loans and financing.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Impairment
of financial assets</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The following financial assets held
by the Company are subject to the model of “expected credit losses:”</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">accounts receivable from customers from sales of agricultural
and cattle products and the sale of farms;</td>
</tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">financial assets measured at amortized cost; and</td>
</tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">financial assets measured at fair value through others comprehensive
income. </td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Although cash and cash equivalents
also are subject to impairment requirements under IFRS 9, the impairment losses on these assets are not significant.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Trade accounts receivable and contract
assets</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company applies a simplified approach
for IFRS 9 to measure expected credit losses considering an estimate for expected losses over the useful life for all trade accounts receivable
and contract assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Expected loss rates are based on sales
payment profiles over a specified period, respectively, and the corresponding historical credit losses incurred during this period. Historical
loss rates are adjusted to reflect current and forward-looking information for macroeconomic factors that affect the customers’ capacity
to settle receivables.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Trade accounts receivable and contract
assets are written off when there is no reasonable expectation of recovery. Indications that there is no reasonable expectation of recovery
include: incapacity of the debtor to undertake a renegotiation plan of their debt with the Company or to make contractual payments of
liabilities overdue more than 90 days.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Impairment losses of trade accounts
receivable and contract assets are presented as net impairment losses, under operating profit. Subsequent recoveries of amounts previously
written off are credited to the same account.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Financial assets measured at amortized
cost and at fair value through other comprehensive income</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">All investments in marketable securities
at amortized cost and at fair value through other comprehensive income are considered to have low credit risk and the estimate for recognized
losses during the year was therefore limited to expected credit losses for 12 months. Management considers “low credit risk”
instruments traded in the market if such investment rating is assigned by at least one major rating agency. Other instruments are considered
to have low credit risk when they pose a low risk of default and when its issuer has a firm capacity to meet its contractual cash flow
obligations in the short term.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Estimated losses from investments in
marketable securities at fair value through other comprehensive income are recognized in profit or loss and reduce the fair value loss
in other comprehensive income. The result from application of the model of expected credit losses was insignificant.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Other financial assets at amortized
cost include marketable securities that do not bear interest and listed private securities (previously held to maturity), loans to related
parties and other accounts receivable. Estimated losses from other financial assets at amortized cost are recognized in profit or loss
for the year</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">b)</td><td style="text-align: justify"><span style="text-decoration:underline">Financial Liabilities</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><i>Initial recognition and measurement</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Financial liabilities are initially
recognized at their fair value; in the case of financial liabilities not recognized at fair value through profit or loss, any transaction
costs directly attributable to the issue of such financial liability are also included.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company’s financial liabilities
include trade account payables and other payables, loans and financing and derivative instruments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><i>Subsequent
measurement</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The measurement of financial liabilities
depends on their classification, as described below:</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">(i)</td><td style="text-align: justify">Financial liabilities at fair value through profit or loss</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Financial liabilities at fair value
through profit or loss include financial liabilities held for trade and financial liabilities designated, upon initial recognition, as
at fair value through profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Financial liabilities are classified
as held for trade when they are intended for repurchase in the short term. This category also includes derivate instruments contracted
by the Company that are not designated as hedge instruments under the hedge relations pursuant to IFRS 9.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Gains and losses from held-for-trading
liabilities are recognized in the statement of operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Financial liabilities that meet IFRS
9 are designated at fair value through profit or loss on the initial recognition date.</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">(ii)</td><td style="text-align: justify">Financial liabilities at amortized cost</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">After initial recognition, loans and
financing, contracted and granted, that are subject to interest are subsequently measured at amortized cost, using the effective interest
rate method.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Gains and losses are recognized in
the statement of operations when liabilities are derecognized, as well as through the amortization of the effective interest rate.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Amortized cost is calculated based
on any premium or discount in the acquisition and fees or costs that compose the effective interest rate method. Amortization through
the effective interest rate method is recorded as a financial expense in the statement of operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">This category usually applies to loans
and financing granted and contracted, subject to interest payments (Note 17).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.6.
Derivative financial instruments</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company uses derivative financial
instruments, such as future exchange contracts, interest rate swaps and forward commodity contracts, to hedge against risks related to
exchange rates, interest rates and commodity prices, respectively. These derivative financial instruments are initially recognized at
fair value on the date on which the derivative contract is signed and are, subsequently, remeasured at fair value. Derivatives are recorded
as financial assets when their fair value is positive and as financial liabilities when their fair value is negative. The Company did
not designate any derivative for hedge accounting. The Company does not operate with derivative instruments for speculative purposes.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Any gains or losses arising from changes
in the fair value of derivatives during the year are recognized immediately in the statement of operations (Note 26).</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The fair value of derivative financial
instruments is disclosed in Note 7. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.7.
Trade receivables and other credits</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Trade receivables are amounts due from
customers for merchandise and farms sold in the ordinary course of the BrasilAgro Group’s business. If collection is expected in one year
or less, trade receivables are classified as current assets. Otherwise, they are presented as non-current assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Trade receivables not related to the
sale of farms are initially recognized at fair value, and subsequently, measured at amortized cost under the effective interest rate method
less any expected credit losses, if necessary.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Accounts receivable from customers
related to the sale of farms, for which the amount receivable is contractually determined in numbers of bags of soybeans or arrobas of
cattle, equivalent to an amount in Reais initially classified as financial assets and measured at fair value through profit or loss. In
these cases, the accounts receivable is remeasured at each balance sheet date by applying the number of bags of soybeans or arrobas of
cattle to the quotation for future delivery on the due date of each installment (or based on estimates and broker quotes when there is
no quotation for future delivery on a specific due date) and multiplying the resulting amount in US dollars by the USD to R$ exchange
rate for future delivery also on the same due date (assuming that future soybean and arroba quotations are denominated in US dollars).
The resulting amount in Reais is measured at fair value using a discounted cash flow calculation. The gain (loss) on the remeasurement
of receivables is recognized in the financial result under “Income/expense from farm receivable indexation adjustments” in
“Financial result” (Note 26).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>3.8. Inventories</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The inventories of agricultural products
from biological assets are measured at fair value when they are ready to be harvested, less selling expenses, being transferred from biological
assets to inventories. After harvesting, they are measured at net realizable value, pursuant to Technical Pronouncement IAS 2 - Inventories.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Net realizable value is the estimated
selling price in the ordinary course of business, minus the estimated costs of completion and costs necessary to complete the sale.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">When sales contracts are signed with
customers, the sales prices defined in the contracts are used as the premise for calculating realizable value; for inventory quantities
when there are no sales contracts signed with customers, the Company uses market prices to calculate the realizable value. The adjustment
to realizable value is recognized in the statement of operations for the period to which it relates, under “Provision for the recoverable
value of agricultural products.”</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The inventories of seeds, manures,
fertilizers, pesticides, fuel, lubricants, warehouse and sundry materials were assessed at the average acquisition cost.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">If cases of shrinkage (either due to
storage, load, transportation and other events related to the operation) an assessment and physical segregation of products is carried
out. The responsible officers, as duly formalized in the Company’s management system, perform an internal process of registration, approval,
disposal of inventories and destination of the inventory. When the need to recognize an inventory impairment is identified, the corresponding
amount is recorded in profit or loss, reflecting the reduction to the recoverable amount of the assets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.9.
Non-current assets held for sale</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Pursuant to IFRS 5, an entity classifies
non-current assets as “held for sale” when there is a firm intention to sell and the sale is considered highly probable within
12 months. These assets are reclassified to current assets and measured at the lower of their carrying amount and the net fair value selling
costs.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">From the classification date, the entity
discontinues depreciation or amortization of the assets and performs impairment tests. Assets and liabilities directly related to the
discontinued operation are presented separately in the financial statements, as required by IFRS 5.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.10.
Biological assets</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company’s and its subsidiaries’
biological assets consist mainly of grain (soybean, corn, beans), cotton, sugarcane and of beef cattle (or cattle production), which are
measured at fair value ex-selling expenses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Agricultural production</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The fair value of biological assets
is determined upon initial recognition and at each subsequent balance sheet date. Gains and losses arising from changes in fair value
of biological assets is determined by the difference between fair value and costs incurred with plantation and treatment of crops of biological
assets and is recorded in the statement of operations under “Changes in fair value of biological assets and agricultural products”.
In some cases, the estimated fair value ex-selling expenses approximates cost of formation, particularly when only a small biological
transformation has taken place or when no material impact is expected from such biological transformation on price. Biological assets
continue to be recorded at their fair value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Sugarcane
crops have a five-year production cycle on average; the beginning of a new cycle depends on the completion of the previous cycle. Accordingly,
the current cycle is classified as short-term biological asset, and the amount related to sugarcane stubble crops (bearer of other cycles)
are classified as carrier carried as plant in property, plant and equipment. The calculation methodology used to estimate “sugarcane”
biological assets is through the discounted cash flow using a rate compatible with the risk and nature of operations. The future cash
flows are projected in accordance with the productivity cycle for each harvest, taking into consideration the estimated useful life of
each area, the price of total sugar recoverable, estimated productivity and the related estimated costs of production, including the
cost of land, harvest, loading and transportation for each planted hectare.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The soybean, corn, cotton and beans
are temporary crops, in which the agricultural product is harvested after a period from 90 to 240 days after the planting date, depending
on the culture, variety, geographic location and climate conditions. The calculation methodology used to estimate the value of the biological
assets of grains is the discounted cash flow using a rate compatible with the risk and nature of operations. The future cash flows are
projected taking into consideration the estimated productivity, future costs based on the Company budget or on new internal estimates
and market prices. The prices for commodities are those available in futures markets, obtained from quotes on the following boards of
trade: CBOT (“Chicago Board of Trade”), B3 (Brasil, Bolsa, Balcão), and NYBOT (“New York Board of Trade”).
For the agricultural products not quoted in this type of market, prices are obtained through direct market surveys or disclosed by specialized
companies. Market prices are used for related logistic and tax discounts to arrive at the prices of each of these products in each production
unit of the Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">As mentioned above, the fair value
of the biological assets disclosed in the balance sheet was determined using the discounted cash flow methodology. Data inputs are from
information observed in the market, whenever possible, and when not feasible, by applying judgment to establish the fair value. Judgment
includes considerations as to the costs incurred to sell the product, such as price, productivity and production cost. Changes in the
assumptions on these factors might affect the fair value presented in biological assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Cattle production</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company produces and sells beef
calves after weaning, a breeding activity. In Paraguay, the main activity is fattening the cattle.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">For segregation purposes, when applicable,
the Company classifies its cattle into food cattle (current assets), which can be sold for meat production; and cattle for reproduction
(non-current assets), in farm operations to generate other biological assets. At the date of these financial statements, the Company beef
cattle includes that for breeding and fattening, calves, heifers, pregnant heifers, pregnant cows, calves, steers and bulls.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The fair value of cattle is calculated
at market value, based on specialized consulting sources in each location, for an active market. Gains or losses on changes in the fair
value of biological assets are recognized in profit or loss in the period in which they occur. The Company used the prices in the cattle
market in Bahia state and in Boqueron (Paraguay), for the main market, and the metrics used in the market.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Accordingly, food cattle, when applicable,
and production cattle are measured based on arroba and the age bracket of animals.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.11.
Investment properties</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company’s business strategy is
to seek opportunities for the acquisition, development, exploration and sale of rural properties where agricultural activities can be
developed. The Company acquires rural properties believed to have significant potential to generate value by means of maintenance of assets
and development of profitable agricultural activities. By acquiring rural properties, the Company seeks to implement higher value-added
crops and transform these rural properties with investments in infrastructure and technology, in addition to entering into lease contracts
with third parties. Based on this strategy, once Management believes that its rural properties are profitable, it sells these to realize
capital gains which are recorded “gain from sale of farms” in the statement of operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Rural property land purchased by the
Company is stated at acquisition cost, which does not exceed its net realizable value, and is presented in “non-current assets”.
The fair value of each property is disclosed in Note 11.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Buildings, improvements and opening
of areas in investment properties are valued at historical cost, less accumulated depreciation, following the same criteria described
for property, plant and equipment (Note 3.11).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.12.
Property, plant and equipment</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Property, plant and equipment is stated
at historical cost less accumulated depreciation. Historical cost includes expenditures directly attributable to the acquisition of the
items and finance costs related to the acquisition of qualifying assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Subsequent costs are included in the
asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated
with the item will flow to the Company and the cost of the item can be reliably measured. All other repair and maintenance costs are charged
to the statement of operations for the year, as incurred.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Depreciation is calculated using the
straight-line method to allocate cost to the residual values over useful lives estimated by specialists, except for permanent crops that
depend on the volume produced in the period. The annual depreciation rates are described below:</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td colspan="5" style="font-weight: bold; text-align: justify">Annual depreciation rates %</td><td> </td>
<td colspan="2" style="text-align: justify"> </td><td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: justify">Buildings and improvements</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: justify">Equipment and facilities</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">Vehicles and agricultural machinery</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: justify">Furniture and fixtures</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">Opening of areas</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: justify">Stubble crops</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left"> </td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The assets’ residual values and useful
lives are revised and adjusted, if appropriate, at the end of each reporting period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">An asset’s carrying amount is written
down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Gains and losses on disposals are determined
by comparing the sale price with the carrying amount and are recognized in “Other operating (expenses) income” in the statement
of operations.</p>
The annual depreciation rates are described below:<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td colspan="5" style="font-weight: bold; text-align: justify">Annual depreciation rates %</td><td> </td>
<td colspan="2" style="text-align: justify"> </td><td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: justify">Buildings and improvements</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: justify">Equipment and facilities</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">Vehicles and agricultural machinery</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: justify">Furniture and fixtures</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">Opening of areas</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: justify">Stubble crops</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left"> </td></tr>
</table>
0.03
0.03
0.07
0.07
0.07
0.07
0.10
0.10
0.05
0.05
0.05
0.05
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>3.13.
Intangible assets</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Intangible assets comprise software
licenses amortized over their estimated useful life of five years.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Costs associated with software maintenance
are recognized as an expense as incurred.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.14.
Impairment of non-financial assets</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Pursuant to IAS 36 - Impairment of
assets, requires investment properties, property, plant and equipment and intangible assets to be subject to impairment tests whenever
events or changes in circumstances indicate that their book value may not be recovered.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Assets with definite useful life are
reviewed for impairment indicators and whenever events or changes in circumstances indicate that the book value may not be recovered.
If any indicator is detected, the assets are tested for impairment. An impairment loss is recognized at the amount at which the accounting
cost exceeds its recoverable amount.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">On June 30, 2025, 2024 and 2023, no indication
of impairment of assets was identified.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.15.
Trade accounts payables</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Trade payables are obligations to pay
for goods or services that have been acquired in the ordinary course of business from suppliers. They are initially recognized at fair
value and subsequently measured at amortized cost using the effective interest method, being classified as current liabilities if payment
is due within a period of up to one year and measured at amortized cost. Otherwise, they are presented as non-current liabilities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.16.
Loans, financing and debentures</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Loans and financing are recognized
initially at fair value, net of transaction costs incurred and subsequently carried at amortized cost.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Any difference between the amounts
raised (net of transaction costs) and the settlement value is recognized in the statement of operations during the period in which the
loans are outstanding, using the effective interest rate method. Loans are derecognized when the contractual obligation is extinguished,
canceled, or expired. Interest paid on loans is recognized in the statement of operations under “loans and financing.”</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Fees paid for loan facilities are recognized
as transaction costs to the extent that it is probable that some or all the facility will be drawn down. In this case, the fee is deferred
until the draw-down occurs. To the extent there is no evidence that it is probable that some or all the facility will be drawn down, the
fee is capitalized as a prepayment for liquidity services and amortized over the period of the loan to which it relates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Loans are classified as current liabilities
unless the Company has the right, at the balance sheet date, to defer settlement of the liability for at least one year or more after
the balance sheet date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Restrictive contractual clauses (covenants)
that the BrasilAgro Group is obligated to comply measured at the balance sheet date are considered when classifying loans as current or
non-current. However, those that the BrasilAgro Group is obligated to comply with after the balance sheet date do not affect the classification
at the balance sheet date but are subject to disclosure in the financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>3.17.
Provisions</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Provisions are recognized when: (i)
the Company has a present or constructive obligation as a result of events that have already occurred; (ii) it is probable that an outflow
of resources will be required to settle the obligation; and (iii) the amount can be estimated reliably.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The contingent liabilities arising
from labor, social security, tax, environmental, contractual, operating obligations and administrative and judicial claims are recorded
at their estimated amount when the loss is considered to be probable (Note 4.a).</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The assessment of the probability of
loss includes an evaluation of available evidence, the hierarchy of laws, available case law, the most recent court decisions and their
relevance to the legal system, as well as the assessment of external legal counsel. Provisions are reviewed and adjusted to take into
account changes in circumstances, such as the applicable limitation period, tax audit findings, or additional exposures identified based
on new matters or court decisions.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.18.
Current and deferred income tax and social contribution</b></p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(a)</td><td style="text-align: justify"><span style="text-decoration:underline">Current income tax and social contribution</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Current income tax assets and liabilities
are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute
the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Company operates and generates
taxable income. As allowed by the Brazilian tax legislation, certain subsidiaries opted for a tax regime under which taxable profit is
computed as a percentage of revenues. Under this regime, taxable profit for income and social contribution tax is calculated by applying
a rate of 8% and 12% on gross revenue, respectively, on which the statutory rates for income and social contribution tax are applied.</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(b)</td><td style="text-align: justify"><span style="text-decoration:underline">Deferred income tax and social contribution</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Deferred income taxes are recognized
for temporary differences between the tax base of assets and liabilities and their carrying amounts for financial reporting purposes at
the reporting date. A deferred income tax liability is recognized for all the temporary differences, whereas deferred income tax assets
are only recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences
can be utilized, including the recognition of a deferred tax asset related to unused tax loss carryforwards. Deferred tax assets and liabilities
are classified as non-current. Deferred income tax related to items directly recognized in equity are also recognized in equity.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Deferred tax assets and liabilities
are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on
tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. In Brasil such rates are 25% for income
tax and 9% for social contribution tax (Note 18).</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Deferred income tax assets and liabilities
are presented net in the balance sheet when there is a legal right and intention to offset them when calculating current taxes, generally
related to the same legal entity and the same tax authority. Therefore, deferred tax assets and liabilities in different entities or in
different countries are generally presented separately, rather than net.</p>
0.08
0.12
0.25
0.09
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>3.19.
Employee benefits</b></p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">a)</td><td style="text-align: justify"><span style="text-decoration:underline">Share-based payments</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company operates a number of equity-settled,
share-based compensation plans, under which the entity receives services from employees as consideration for equity instruments (options
and shares) of the Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The cost of transactions settled with
shares is recognized as expense for the year, jointly with a corresponding increase in equity during the year in which the conditions
of performance and/or provision of services are met. The accumulated expenses recognized in connection with the equity instruments on
each base date, until the date of acquisition, reflect the extent to which the acquisition period has expired and the best estimate of
the Company as to the number of equity instruments to be acquired.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The expense or reversal of expenses
for each year represents the changes in accumulated expenses recognized in the beginning and end of the year. Expenses related to services
that did not complete their acquisition period are not recognized, except for transactions settled with shares in which the acquisition
depends on a market condition or on the non-acquisition of rights, which are treated as acquired, irrespective of whether the market condition
or the condition of non-acquisition of rights is fulfilled or not, provided that all other conditions of performance and/or provision
of services are met.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">When an equity instrument is modified,
the minimum expense recognized is the expense that would have been incurred if the terms had not been modified. An additional expense
is recognized in case the modification raises the total fair value of the consideration paid for such shares or that otherwise benefits,
as measured on the date of modification.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">If an equity instrument is canceled,
such instrument is treated as if it was fully acquired on the date of cancellation, and any expenses not yet recognized, relating to the
premium, are recognized immediately in the statement of income of the year.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">This includes any premium whose non-acquisition
conditions under the control of the Company or the employee are not met. However, if the canceled plan is replaced by a new plan and substitute
grants are generated, on the date it is granted, the canceled grant and the new plan will be treated as a modification of the original
grant, as described in the previous paragraph. All cancellations of transactions with share-based payments will be treated the same.</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">b)</td><td style="text-align: justify"><span style="text-decoration:underline">Profit sharing</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company provides employees a profit-sharing
program, under which all of the employees have the right to receive annual bonuses based on the Company’s consolidated financial
and operational results, and also on personal goals set for individual employees. Profit sharing is recognized at year end, when the amount
can be reliably measured by the Company.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.20.
Capital</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Common shares are recorded in equity.
Incremental costs directly attributable to issue new shares or options are shown in equity as a deduction of the issued amount, net of
taxes.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>3.21.
Revenue from contracts with customers</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Revenue comprises the fair value of
the consideration received or receivable for the sale of goods in the ordinary course of the Company’s activities. Revenue is presented
net of taxes, returns, rebates and discounts, when applicable, as well as eliminations of sales among the Company subsidiaries.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company applies the model of IFRS
15 to measure and account for revenue from contracts with customers, which establishes the recognition of revenue in an amount that reflects
the Company’s expected consideration in exchange for the transfer of goods or services to a customer. The model is based on five steps:
i) identification of the contracts with customers; ii) identification of the performance obligations envisaged in the agreements; iii)
determination of the transaction price; iv) allocation of the transaction price to the performance obligations envisaged in the agreements;
and v) recognition of revenue when the performance obligation is fulfilled. </p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">a) <span style="text-decoration:underline">Sale of goods</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Revenue from grain and sugarcane sales
is recognized when the Company meets its performance obligations under its agreements with customers, usually when the products are delivered
to the buyer at the given location, according to the agreed sales terms.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">In the case of grains, the Company
usually enters into sale contracts for future delivery determining that the price may be established by the Company, for the total or
partial volume sold, up to the delivery, in accordance with formulae established in contract. In certain cases, this formula established
in contract determines a price in U.S. dollars. The amount in Reais is also determined in contract, based on the exchange rate effective
a few days before the date of financial settlement. The price can may be adjusted by other factors, such as humidity and other technical
characteristics of grains.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">For the sale of sugarcane, the Company
normally enters into sale agreements for future deliveries, in which factors such as volume and minimum ATR are pre-fixed. The pricing
of sugarcane considers the quantity of ATR per ton of sugarcane delivered, and the ATR pricing, disclosed monthly by Consecana.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Upon the delivery of grains, revenue
is recognized based on the price established with each buyer considering the exchange rate effective on the delivery date. After the grains
are delivered, the quality and final weight are evaluated, thus determining the final price of the transaction, and adjusting the contractual
amounts, adjusted by the exchange rate at the settlement date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">b) <span style="text-decoration:underline">Sale of farms</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Sales of farms are not recognized in
the statement of operations until (i) the sale is completed, (ii) the Company determines that it is probable the buyer will pay, (iii)
the amount of revenue can be measured reliably, and (iv) the Company has transferred to the buyer the control that corresponds to the
transfer of ownership.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The result from sales of farms is presented
in the statement of operations as “Gain on sale of farm” being the difference between the consideration value for the sale
and the book value of the farm sold.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">c) <span style="text-decoration:underline">Revenue
from cattle raising</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Revenue from the sale of cattle is
recognized when the material risks and the benefits of cattle ownership are transferred to the buyer, usually when cattle is delivered
to the buyer at the specified place, in accordance with the terms of the sale agreed upon.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">In Brazil the activities comprise the
production and sale of beef calves after weaning (known as rearing). Infertile animals may be sold to meat packers for slaughter. In Paraguay,
the activities comprise fattening and selling cattle for slaughter. The pricing for sale of rearing cattle is based on the price of the
arroba of fattened cattle in the respective market (the arroba price is verified on the transaction date), adjusted for the animal weight
and premium related to the category. The sale of animals for slaughter in the Brazil and Paraguay operations, take into account the price
of the arroba of fattened cattle or heifer/cow on the date of sale in the respective market, applied to carcass yields. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.22.
Financial income and expenses</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">These comprise interest, indexation
and foreign exchange variations arising from loan and financing contracts, short-term investments, accounts receivable from farms, trade
accounts receivable, indexation and foreign exchange variation recoverable and payable, gains and losses on measurement at fair value
of derivative financial instruments and accounts receivable from sale of farms, as well as discounts obtained from suppliers for the prepayment
of trade notes.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.23.
Leases</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company has land lease and agricultural
partnership agreements as well as service agreements. The Company evaluates, on the effective date, of all its agreements to establish
if an agreement is or contains a lease arrangement. A lease agreement provides the right to control the use of an asset identified for
a period in exchange for consideration. The Company assesses exercising extension and termination options for factors such as financial
benefits, market conditions, and operational strategies to determine whether there is a reasonable expectation that the lease will be
extended or maintained until the end of the agreed term. Additional periods, resulting from extension options or the non-use of termination
clauses, only occurs when there is sufficient evidence to reflect the entity’s intention.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">The Company as a lessee</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company applies a single approach
for recognizing and measuring all leases, except short-term leases and low-value asset leases. The Company recognizes lease liabilities
to effect payments of the leases and right-of-use assets that represent the right to use underlying assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Right-of-use assets</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company recognizes right-of-use
assets on the effective date of the lease (i.e., the date on which the underlying asset is available for use). Right-of-use assets are
measured at cost, deducting any accumulated depreciation and impairment losses, and adjusted by any remeasurement of lease liabilities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The cost of right-of-use assets includes
the amount of lease liabilities recognized, the initial direct costs incurred, and the payments of leases made until the effective date,
less any lease incentives received.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Right-of-use assets are depreciated
on a straight-line basis over the lease period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Lease
liabilities</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">On the effective date of the lease,
the Company recognizes lease liabilities measured at the present value of the payments to be made during the lease period. Lease payments
include fixed payments less any lease incentives receivable, variable lease payments that depend on an index or rate and expected amounts
to be paid under guarantees of residual value. Lease payments also include the exercise price of a purchase option reasonably certain
to be exercised by the Company and payments of fines due to termination of the lease agreement, if the lease period reflects the Company
exercising the option to terminate the lease agreement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Variable lease payments that do not
depend on an index or rate are recognized as expenses (except if they were incurred to produce inventories) in the period in which the
event or condition that generates these payments occurred.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">When calculating the present value
of lease payments, the Company uses its incremental loan rate on the effective date as the interest rate implicit in the lease cannot
be easily determined. The incremental loan rate is the rate the lessee would have to pay on a loan to obtain the funds to acquire an asset
of similar value, in a similar economic environment, with equivalent terms and conditions. After the effective date, the lease liability
is increased to reflect the accrued interest and reduced for the lease installments paid.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The book value of lease liabilities
is remeasured if there are any modifications, changes in lease period, changes in lease payments (e.g., changes in future payments resulting
from a change in the index, rate or price used to determine such lease payments) or changes in the value of a purchase option of the underlying
asset.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Short-term leases and low-value
asset leases</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company applies the short-term
lease exemption for the short-term lease of machinery and equipment (i.e., lease periods equal to or less than 12 months as from the effective
date and do not have purchase options). It also applies the low-value asset lease exemption to leases of office equipment of low value.
Payments of short-term leases and low-value asset leases are recognized as an expense on a straight-line basis during the lease period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">The Company as a lessor</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Leases in which the Company does not
transfer substantially all risks and benefits of asset ownership are classified as operating leases. Revenue from rentals are registered
on a straight-line basis, over the lease period, and is included in the statement of operations and treated as an operating activity.
Initial direct costs incurred in negotiations of operating leases are added to the book value of the rented asset and recognized over
the lease period similar to revenue from rentals. Contingent rentals are recognized as revenue during the period in which they are calculated.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.24.
Distribution of dividends</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Distributions of dividends and interest
on equity to the Company’s stockholders are recognized as a liability in the Company’s financial statements at year end based on the Company’s
articles of incorporation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Any amount that exceeds the minimum
required dividend is identified in the statement of changes in equity and only transferred to current assets on the date it is approved
by the stockholders at the general meeting, according to the proposal presented by the Board of Directors.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>3.25.
Adjustment to present value – assets and liabilities</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The elements comprising assets and
liabilities, arising from long- or short-term operations of material effect, are adjusted to present value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Accordingly, certain elements of assets
and liabilities are adjusted to present value, based on discount rates, which aim to reflect the best estimates, as regards to the time
value of money. </p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-size: 10pt">The discount
rate used varies matching the characteristics of the assets and liabilities including the risk, term and the average real rate of interest
of loans and financing</span>.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.26.
Basic and diluted earnings (loss) per share</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The basic earnings (loss) per share
are calculated by dividing net income by the average weighted number of outstanding common shares during the year.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The diluted earnings per share further
reflect the number of additional shares that would be outstanding if the shares with potential dilution attributable to stock options
and warrants had been issued during the related years.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.27.
Statement of cash flows</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Interest paid is classified as cash
flows from financing activities since it represents costs for obtaining financial resources and are not considered cash flows from operating
activities of the Company.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.28.
Non-financial obligations</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: -0.05pt">The non-financial
obligations refer to commitments for the delivery of agricultural products, such as soybeans or sugarcane, in lieu of cash payment in
agricultural partnerships or asset acquisitions. This practice is common in the agribusiness sector, where, instead of cash payments,
settlement occurs through the delivery of agricultural products produced by the Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: -0.05pt">Initial recognition:
The liability is initially recognized at its fair value on the date the commitment to deliver is formalized. This value is determined
based on the market price of the agricultural products at the contract date, adjusted for the specific conditions of the operation and
the relevant commercial market.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: -0.05pt">Remeasurement:
The obligations are reassessed at each reporting date based on their fair value, considering the market price of the products at the financial
statement closing date. Changes in the fair value of these obligations are recognized in financial income or the Right of Use, in accordance
with IFRS 16 - Leases. These adjustments reflect fluctuations in the agricultural market, providing a more accurate estimate of the liability’s
value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: -0.05pt">Payment: Delivery
of the agricultural products is made in accordance with the terms of the contract, replacing cash payment. The value of the liability
is settled upon delivery of the agreed-upon products, with adjustments made to the liability account based on its fair value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: -0.05pt">The Company considers
the delivery of agricultural products, instead of cash payment, to be a common and essential practice for financing partnerships and maintaining
operations. As such, the obligations arising from this practice are treated as non-financial obligations, accurately reflecting the economic
substance of the transactions.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.29.
Business combinations</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Business combinations are accounted
for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured
at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. Acquisition-related costs are expensed
as incurred and included in administrative expenses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">When the Company acquires a business,
the Company evaluates the financial assets and liabilities assumed for appropriate classification and allocation in accordance with the
contractual terms, economic circumstances and pertinent conditions as at the acquisition date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Any contingent consideration to be
transferred by the acquiring company will be recognized at fair value on the acquisition date. Contingent consideration classified as
an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments, is measured at fair value with
the changes in fair value recognized in the income statement in accordance with IFRS 9.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Goodwill is initially measured at cost
(being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests and any previous
interest held over the net identifiable assets acquired and liabilities assumed). If the fair value of the net assets acquired is in excess
of the aggregate consideration transferred, the Company re-assesses whether it has correctly identified all of the assets acquired and
all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the
reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the
gain is recognized in profit or loss.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.30.
Fair value measurement</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company measures financial instruments
(such as derivatives) and non-financial instruments (such as biological assets) at fair value on each balance sheet date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Fair value is the price that would
be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place
either:</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">in
the principal market for the asset or liability; or</span></td>
</tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">in
the absence of a principal market, in the most advantageous market. The principal or more advantageous market must be accessible by the
Company.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The fair value of an asset or a liability
is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants
act in their economic best interest.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">A fair value measurement of a non-financial
asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or
by selling it to another market participant that would use the asset in its highest and best use.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company uses valuation techniques
that are appropriate in the circumstances and for which sufficient data are available to measure the fair value, maximizing the use of
relevant observable inputs and minimizing the use of unobservable inputs.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">All assets
and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy,
described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Level
1 – Quoted (unadjusted) market prices in active markets for identical assets or liabilities;</span></td>
</tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Level
2 – Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly
observable; and</span></td>
</tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Level
3 – Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">For assets and liabilities that are
recognized in the financial statements at fair value on a recurring basis, the Company determines whether transfers have occurred between
levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement
as a whole) at the end of each reporting period.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>3.31.
New standards, amendments and interpretations</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The following alterations in standards
were issued by the IASB but have not become effective for fiscal year 2025. Early adoption of standards, although encouraged by IASB,
is not allowed in Brazil. </p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Amendment to IAS 21 - “Effect of Changes in Exchange
Rates: Lack of Interchangeability”: IAS 21 includes guidance on the exchange rate to use when the lack of interchangeability between
two currencies is temporary, but is silent when the lack of interchangeability occurs for a long period. The amendment also requires
disclosure of information that allows understanding how the currency that cannot be exchanged for another currency affects the financial
performance and cash flows of the entity. The Standard came into effect on January 1, 2025, and is effective for the Company from the
year beginning July 1, 2025. The Company does not expect these amendments to have a material impact on its operations or financial statements.</td>
</tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">IFRS 19 - Subsidiaries Without Public Responsibility: The
IASB issued a new Accounting Standard, IFRS 19, which aims to simplify and reduce the costs of preparing subsidiaries’ financial statements
by standardizing their disclosures with the Accounting Standards reported, meeting the needs of the parent company and information users.
The Standard will come into effect on January 1, 2027. The Company does not expect these changes to have an impact on its financial statements.</td>
</tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">IFRS 18 - Presentation and Disclosure of Financial Statements:
This new accounting standard will replace IAS 1 - Presentation of Financial Statements, introducing new requirements that will help achieve
comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Although
IFRS 18 does not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure
are expected to be widespread, particularly those related to the demonstration of financial performance and the provision of performance
measures defined by management within the financial statements. Management is currently evaluating the detailed implications of applying
the new standard to the Company’s financial statements. Based on a preliminary assessment, the following potential impacts have been
identified:</td>
</tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">o</td><td style="text-align: justify">Although the adoption of IFRS 18 will not have an impact on the BrasilAgro Group’s net profit, the grouping
of income and expense items in the statement of operations into the new categories is expected to have an impact on how the operating
result is calculated and disclosed.</td></tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">o</td><td style="text-align: justify">The line items presented in the primary financial statements may change as a result of the application
of the improved principles on aggregation and disaggregation. Furthermore, because goodwill must be presented separately in the balance
sheet, the BrasilAgro Group will disaggregate goodwill and other intangible assets and present them separately in the balance sheet.</td></tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">o</td><td style="text-align: justify">The BrasilAgro Group does not expect a significant change in the information currently disclosed in the
notes to the financial statements, as the requirement to disclose material information remains unchanged; however, the way in which information
is grouped may change as a result of the aggregation/disaggregation principles. In addition, significant new disclosures will be required
for: (i) performance measures defined by management; (ii) disclosure of the nature of certain expense items presented by function in the
operating category of the statement of operations; and (iii) for the first year of application of IFRS 18, a reconciliation for each item
in the statement of operations between the amounts restated under IFRS 18 and the amounts previously presented under IAS 1.</td></tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">o</td><td style="text-align: justify">For the statement of cash flows, there will be changes in how interest received and paid are presented.
Interest paid will be presented as financing cash flows and interest received as investing cash flows.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The new standard is effective from
January 1, 2027, with retrospective application, that is, comparative information for the year ending June 30, 2027 will be restated in
accordance with IFRS 18.</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Amendments to IFRS 9 and IFRS 7 - Classification and Measurement
of Financial Instruments: On May 30, 2024, the IASB issued amendments to IFRS 9 - Financial Instruments and IFRS 7 - Financial Instruments:
Disclosures to address recent practical issues, improve understanding, and include new requirements applicable to companies in general
and not just financial institutions. These amendments are effective January 1, 2026.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">There are no other IFRS standards or
IFRIC interpretations that have not yet come into force that could have a significant impact on the financial statements.</p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 0.25in"><b>4.</b></td><td style="text-align: left"><b>Material accounting estimates and judgments</b></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Accounting estimates and judgments
are continuously assessed and are based on historical experience and other factors, including expectations of future events that are believed
to be reasonable under the current circumstances.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company uses assumptions to forecast
results of future operations. The accounting estimates will, by definition, seldom equal the actual amounts though not expected to be
materially different. The estimates and assumptions subject to a higher level of variability are addressed below:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">a)</td><td style="text-align: justify"><span style="text-decoration:underline">Contingencies</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company is a party to various judicial
and administrative lawsuits (Note 28). Provisions are set up for all the contingencies related to judicial lawsuits that are estimated
to represent probable losses (present obligations resulting from past events and probable outflow of resources that incorporate economic
benefits to settle the obligation, with reliable estimate of value). Management’s assessment of the probability of loss is made
under the advice of internal and external legal counsel. Management believes that these contingencies are properly recorded and presented
in the financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">b)</td><td style="text-align: justify"><span style="text-decoration:underline">Biological assets</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The fair value of biological assets
recorded in the balance sheet (Note 10) was determined using valuation techniques, including the discounted cash flow method and/or price
in the active market, when applicable. The inputs for these methods are based factors observed in the market, whenever possible, and when
not feasible, judgment is required to estimate the fair value involving subjectivity of assumptions to determine the value of the asset.
Judgment includes considerations on data e.g. price, productivity, crop cost and production cost.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Changes
in assumptions could affect the recorded fair value of biological assets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">An increase or reduction of 1% in the
expected productivity of sugar cane and grains/cotton would result in an increase or reduction in the value of the biological asset of
R$3,013; an increase or reduction of 1% in the price of sugarcane and grains/cotton would result an increase or reduction in the value
of the biological asset of R$3,864.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">For cattle, the Company values its
breeding stock at fair value based on market price for the region.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">c)</td><td style="text-align: justify"><span style="text-decoration:underline">Accounts receivable - Receivables from sale of farms</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company sells farms for consideration
referenced the price of soybean bags. These sales are initially booked at present value and later measured by their fair value, with a
corresponding entry in financial result. The price of a soybean bag considers the following factors: price of soybean on the Chicago Board
of Trade (CBOT), basis, port costs, logistics, exchange rate and CDI rate. The Company now adopts the basis rates available for up to
one year for short- and long-term installments, as there is no long-term reference amount available. Management assumed: short-term installments
will continue to be adjusted by the available rates, while long-term installments will be adjusted by the average rate of the last four
years. Management believes the new estimates better reflect the liquidity of long-term installments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: 0in"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">d)</td><td style="text-align: justify"><span style="text-decoration:underline">Variable consideration</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">For sales that require official measurement
throughout or at the end of the contract, the Company uses the concept of variable consideration, as set forth in CPC 47/IFRS 15 - Revenue
from Contracts with Customers; it does not recognize 2.3% of the sale until after the time of measurement. The unrecognized portion of
the revenue (2.3%) is recorded at the end of the process.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: -14.15pt"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">e)</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span style="text-decoration:underline">Investment
properties</span></span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The fair value of investment properties
disclosed in the notes to financial statements was obtained by performing appraisals of farms, performed by Company’ specialists. The
valuation uses standards practiced in the market considering the characterization, location, type of soil, climate of the region, calculation
of improvements, presentation of the elements and calculation of the land value; these may change in the future.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><i>Methodology used </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">On June 30, 2025, investment properties
were valued by applying the comparative analysis methodology adjusted by:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">(i)</td><td style="text-align: justify">The valuation relied, among others, on the following information:
(i) historical information, (ii) location of farms, (iii) total area and its related percentages of opening and use;</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">(ii)</td><td style="text-align: justify">The market value presented for the farm corresponds to the
portion of bare land, for payment in cash, not including machinery, equipment, agricultural inputs, cultivation. The soil adjustment
factor (preparation of land for planting) was considered in the assessment of prices; and</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">(iii)</td><td style="text-align: justify">The value of agricultural land, in the surveyed region, is
referenced to the price of soybean bag for the Brazilian operations, and in U.S. dollars per hectare for the Paraguay and Bolivia operations.
The farms for sale (market research) were obtained by reference to the prices of soybean bags per hectare or in USD per hectare. Accordingly,
the Reais valuation of the property varies directly due to the variation in the soybean price and the U.S. dollar.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 14.15pt">f)</td><td style="text-align: left"><span style="text-decoration:underline">Deferred income tax</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company recognizes deferred assets and liabilities
(Note 18) based on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated
financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by
the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income
tax liability is settled. The Company regularly revises the deferred tax assets for possible recovery, forecasting taxable income based
on a study of technical feasibility.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 14.15pt">g)</td><td style="text-align: left"><span style="text-decoration:underline">Leases </span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company analyzes its contracts
in accordance with the requirements of CPC 06 (R2)/IFRS 16 and recognizes the right-of-use asset and the lease liability for lease transactions
for contracts within the scope of the standard. The Company evaluates economic and strategic factors to decide whether to exercise extension
options or avoid termination of lease agreements. Additional periods are only included when there is sufficient evidence that these decisions
reflect Management’s intention. Only the minimum fixed amount is recorded as a lease component for purposes of measuring the lease
liability. The measurement of the lease liability corresponds to the total future lease and rental payments, adjusted to present value,
considering the interest loan rate, which is within a range of 7.04% to 16.76% (6.56% to 16.76% as of June 30, 2024).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">If payments are indexed to bags of
soybeans, minimum future payments are estimated in terms of bags of soybeans, converted to Reais using the soybean price in each region
on the base date of initial adoption of CPC 06 (R2)/IFRS 16, and adjusted to the current price on the balance sheet date. For payments
indexed to Consecana, payments are fixed in tons of sugarcane and converted to Reais using the then-current Consecana. Payments made in
products (bags of soybeans) are recognized as operating activities in the statement of cash flows.</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 14.15pt">h)</td><td style="text-align: left"><span style="text-decoration:underline">Fair value measurement of derivative instruments</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company is exposed to market risks,
such as foreign exchange, interest rate, and commodity price fluctuations; it uses derivatives for hedging purposes. The fair value of
financial instruments not traded in active markets is determined using valuation techniques. Management uses its judgment to select various
methods and establish assumptions that are primarily based on market conditions at the balance sheet date.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: -14.15pt"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 14.15pt">i)</td><td style="text-align: left"><span style="text-decoration:underline">Share-based payment</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The ILPA Plan, approved on October
2, 2017, is a long-term, share-based compensation program, conditioning participants remain with the Company and meet key performance
indicators (KPIs). The Board of Directors has the autonomy to implement the plan, respecting the 2% limit of the Company’s shares. The
appreciation of AGRO3 shares is the main KPI. If the minimum required is not met, no shares are granted. If this is achieved, the number
of shares is adjusted based on other KPIs, such as operating profitability, farm sales, and capitalization, in addition to the dividends
distributed.</p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 0.25in"><b>5.</b></td><td style="text-align: left"><b>Financial risk management</b></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>5.1.
Financial risk factors</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company operates with various financial
instruments, including cash and cash equivalents, marketable securities, trade accounts receivables, accounts receivable and others, trade
accounts payable, accounts payable for the purchase of farms, loans and financing and derivative financial instruments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Certain Company’s operations
expose it to market risks, mainly in relation to exchange rates, interest rates and changes in the prices of agricultural commodities.
As a result, the Company also enters into derivative financial instruments, used to hedge its exposures with respect to crops or with
respect to assets and liabilities recognized in the balance sheet, depending on the nature of the specific operation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Excluding derivative financial instruments,
fair value is basically determined using the discounted cash flow method.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The amounts recorded under current
assets and liabilities are either highly liquid or mature within twelve months, as such their carrying value approximates their fair value.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>5.2.
Policies approved by the Board of Directors for the use of financial instruments, including derivatives</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company’s policies in respect
to transactions with financial instruments, which have been approved by the Board of Directors, are as follows: (i) Investment Policy
which provides guidelines in respect to Company’s investment of cash, considering the counterparty risk, the nature of instruments
and liquidity, among others; (ii) Derivative financial instrument policy which provides guidelines to manage the Company’s
exposures to currency risk, interest rate and index risks, and agricultural commodities price risk, always linking the derivative financial
instrument to the asset or liability that generates the exposure; and (iii) Risk Policy, which addresses items not covered by the
Investment Policy or the Derivative financial instrument Policy including hedge against future cash flows with respect to future production
of commodities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">a) Cash and cash
equivalents, marketable securities, trade accounts receivable, receivable from sale of farms, loans with related parties and accounts
payable. The amounts recorded approximate their estimated fair value.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">b) Loans, financing
and debentures. The book value of loans, financing and debentures, denominated in reais have its interest rates either fixed or based
on the variation of IPCA (Broad National Consumer Price Index) and CDI and exchange rate and approximates their fair value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>5.3.
Analysis of exposure to financial asset and liability risks</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">a)</td><td style="text-align: justify"><span style="text-decoration:underline">Currency risk</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">This risk arises from the possibility
that the Company may incur losses due to fluctuations in exchange rates, which reduces the nominal amount of assets or increase the amount
of liabilities. This risk also arises with respect to commitments to sell products existing in inventories or agricultural products not
yet harvested when sales are made at prices to be fixed at a future date, prices which vary depending on the exchange rate.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">b)</td><td style="text-align: justify"><span style="text-decoration:underline">Interest rate and index risk</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">This risk arises from the possibility
that the Company may incur losses due to fluctuations in the interest rates or indices which increase financial expenses related to certain
contracts for the acquisition of farms, indexed by inflation, such as the IPCA.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">c)</td><td style="text-align: justify"><span style="text-decoration:underline">Agricultural commodities price risk</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">This risk arises from the possibility
that the Company may incur losses due to fluctuations in the market prices of agricultural products.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>5.4. Objectives and strategies of
risk management and of use of derivative financial instruments</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Executive Board is responsible
for managing financial risks, and evaluates the Company’s exposure to foreign currency risk, interest rate and index risk and agricultural
commodities price risk with respect to assets, liabilities and transactions of the Company. Considering the exposure to such risks, Company
management evaluates the convenience, cost and availability in the market of derivative financial instruments which allow the Company
to mitigate such risks. After such assessment, the Executive Board decides whether to enter into the transaction within the parameters
previously approved in the Policies referred to above and reports it in the Board of Directors’ meetings.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>5.5. Risks related to each operating
strategy</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The use of derivative financial instruments
as an economic hedge reduce the risks of changes in cash flows arising from risks such as foreign currency, interest rate and price index
and agricultural commodities prices.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">However, the change in the fair value
of the derivative financial instrument may differ from the change in the cash flows or fair value of the assets, liabilities or forecasted
transactions which are being hedged, as a result of different factors, such as differences between the contract dates, the maturity and
settlement dates, or differences in “spreads” on the financial assets and liabilities being hedged and the corresponding spreads
in the related legs of the swaps.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Management believes that the derivative
financial instruments strategy presents a high degree of protection with respect to the changes in the assets and liabilities being hedged.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">In the case of the strategy to hedge
forecasted sales of soybean or to hedge accounts payable/receivable, which are susceptible to changes commodity prices, differences may
arise due to additional factors, such as differences between the estimated and actual soybean volume to be harvested, or differences between
the quoted price of soybean in the international markets where the derivative financial instruments are quoted and the price of soybean
in the markets in which soybean is physically delivered/received by the Company. Should the soybean volume effectively harvested be lower
than the amount for which derivative financial instruments were contracted, the Company will be exposed to variations in the price of
the commodities by the volume hedged in excess and vice-versa should the soybean volume effectively harvested be higher than the hedged
volume.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">In the case of exposure to exchange
rates, there is a risk that the volume of U.S. dollars sold through forward contracts will be higher than the volume to which the Company
is exposed. In such case, foreign exchange rates risk continues to exist in the same proportion as the mismatch, which could result from
a reduction in the expected yield of a certain commodity or in a reduction in prices denominated in foreign currencies.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>5.6.
Restrictions related to the use of derivative financial instruments</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company is also subject to credit
risk with respect to the counterparty of the derivative financial instrument. The Company has contracted derivative financial instruments
either traded on stock exchanges or from prime financial institutions or trading companies. Management has not identified at the balance
sheet date indicators of collection risk with respect to the amounts recognized as assets with respect to derivative financial instruments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The main controls for the use of derivative
financial instruments are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Policies defined by the Board of Directors;</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Prohibition to use derivative financial instruments not approved
by the Executive Officers;</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Maintenance by the Executive Officers of a centralized inventory
of outstanding derivative financial instruments;</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Weekly risk report and biweekly meetings of the Board of
Executive Officers with the risk committee to evaluate the Company’s consolidated position;</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Monthly monitoring by the Executive Officers of the fair
values as reported by the counterparties as compared to the amounts estimated by management; and</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">The fair value of the derivative financial instruments is
estimated based on the market in which they were contracted and also in which the instruments are inserted.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>5.7. Impact of derivative financial
instruments on the statement of income</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The gains and losses for changes in
the fair value of derivative financial instruments are recognized in the statement of income separately between realized profit and loss
(corresponding to derivative financial instruments that have already been settled) and unrealized profit and loss (corresponding to derivative
financial instruments not yet settled).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>5.8. Estimate of fair value of financial
instruments</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The fair value of derivative financial
instruments traded on stock exchanges (B3 and Chicago Board of Trade) is determined based on the quoted prices at the balance sheet date.
To estimate the fair value of derivative financial instruments not traded on stock exchanges the Company uses quotes for similar instruments
or information available in the market and uses valuation methodologies widely used and that are also used by the counterparties.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The estimates do not necessarily guarantee
that such operations may be settled at the estimated amounts. The use of different market information and/or valuation methodologies may
have a relevant effect on the amount of the estimated fair value.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Specific methodologies used for derivative
financial instruments entered into by the Company:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Derivative
financial instruments of agricultural commodities - The fair value is obtained by using various market sources, including quotes provided
by international brokers, international banks and available on the Chicago Board of Trade (CBOT).</span></td>
</tr></table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Derivative
financial instruments of foreign currencies - The fair value is determined based on information obtained from various market sources
including, as appropriate, B3 S.A. – Brasil, Bolsa, Balcão, local banks, in addition to information sent by the operation
counterparty.</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">a)</td><td style="text-align: justify"><span style="text-decoration:underline">Sensitivity analysis</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Management identified for each type
of derivative financial instrument the conditions for variation in foreign exchange rates, interest rates or commodities prices which
may generate loss on assets and/or liabilities which is being hedged or, in the case of derivative financial instruments related to transactions
not recorded in the balance sheet, in the fair value of the contracted derivatives.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The sensitivity
analysis shows the impact from the changes in the market variables on the afore mentioned financial instruments of the Company, considering
all other market indicators comprised. Upon their settlement, such amounts may differ from those stated below, due to the estimates used
in their preparation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">This analysis contemplates five distinct
scenarios that differ due to the intensity of variation in relation to the current market. At June 30, 2024, as reference for probable
scenarios I, II, III and IV, a variation in relation to the current market of 0%, -25%, -50%, +25%, +50%, respectively, was considered.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">In addition, the Company presents a summary
of possible scenarios for the following 12 months of the Company’s financial instruments. Reliable sources of index were used for
the rates used in the “probable scenario”.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td colspan="3" style="font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Consolidated</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="6" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">Scenario
I -</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Scenario
I - Probable</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Scenario
II - Remote</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Scenario
III - Probable</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Scenario
IV - Remote</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom">
<td colspan="3" style="text-align: center"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">June
30, 2025</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Probable</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">Decrease</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">Decrease</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">Increase</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">Increase</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt">(*) annual average
rates Operation</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Risk</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Balance
(R$)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Notional/
Position</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Rate</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Balance
(R$)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Rate</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Balance<br/>
(R$)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">-25%<br/>
Rate</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Balance<br/>
(R$)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">-50%<br/>
Rate</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Balance<br/>
(R$)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">25%<br/>
Rate</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Balance<br/>
(R$)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">50%<br/>
Rate</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; width: 7.5%"><span style="font-size: 8pt">Short-term investments</span></td><td style="width: 1%"><span style="font-size: 8pt"> </span></td>
<td style="width: 7%; text-align: center"><span style="font-size: 8pt">CDI</span></td><td style="width: 1%"><span style="font-size: 8pt"> </span></td>
<td style="width: 0.25%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="width: 5%; text-align: right"><span style="font-size: 8pt">125,614</span></td><td style="width: 0.25%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="width: 1%"><span style="font-size: 8pt"> </span></td>
<td style="width: 0.25%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="width: 5%; text-align: right"><span style="-sec-ix-hidden: hidden-fact-290; font-size: 8pt">-</span></td><td style="width: 0.25%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="width: 1%"><span style="font-size: 8pt"> </span></td>
<td style="width: 0.25%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="width: 5%; text-align: right"><span style="font-size: 8pt">14.90</span></td><td style="width: 0.25%; text-align: left"><span style="font-size: 8pt">%</span></td><td style="width: 1%"><span style="font-size: 8pt"> </span></td>
<td style="width: 0.25%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="width: 5%; text-align: right"><span style="font-size: 8pt">(276</span></td><td style="width: 0.25%; text-align: left"><span style="font-size: 8pt">)</span></td><td style="width: 1%"><span style="font-size: 8pt"> </span></td>
<td style="width: 0.25%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="width: 5%; text-align: right"><span style="font-size: 8pt">14.68</span></td><td style="width: 0.25%; text-align: left"><span style="font-size: 8pt">%</span></td><td style="width: 1%"><span style="font-size: 8pt"> </span></td>
<td style="width: 0.25%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="width: 5%; text-align: right"><span style="font-size: 8pt">(4,598</span></td><td style="width: 0.25%; text-align: left"><span style="font-size: 8pt">)</span></td><td style="width: 1%"><span style="font-size: 8pt"> </span></td>
<td style="width: 0.25%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="width: 5%; text-align: right"><span style="font-size: 8pt">11.01</span></td><td style="width: 0.25%; text-align: left"><span style="font-size: 8pt">%</span></td><td style="width: 1%"><span style="font-size: 8pt"> </span></td>
<td style="width: 0.25%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="width: 5%; text-align: right"><span style="font-size: 8pt">(9,220</span></td><td style="width: 0.25%; text-align: left"><span style="font-size: 8pt">)</span></td><td style="width: 1%"><span style="font-size: 8pt"> </span></td>
<td style="width: 0.25%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="width: 5%; text-align: right"><span style="font-size: 8pt">7.34</span></td><td style="width: 0.25%; text-align: left"><span style="font-size: 8pt">%</span></td><td style="width: 1%"><span style="font-size: 8pt"> </span></td>
<td style="width: 0.25%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="width: 5%; text-align: right"><span style="font-size: 8pt">4,598</span></td><td style="width: 0.25%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="width: 1%"><span style="font-size: 8pt"> </span></td>
<td style="width: 0.25%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="width: 5%; text-align: right"><span style="font-size: 8pt">18.35</span></td><td style="width: 0.25%; text-align: left"><span style="font-size: 8pt">%</span></td><td style="width: 1%"><span style="font-size: 8pt"> </span></td>
<td style="width: 0.25%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="width: 5%; text-align: right"><span style="font-size: 8pt">9,220</span></td><td style="width: 0.25%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="width: 1%"><span style="font-size: 8pt"> </span></td>
<td style="width: 0.25%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="width: 5%; text-align: right"><span style="font-size: 8pt">22.02</span></td><td style="width: 0.25%; text-align: left"><span style="font-size: 8pt">%</span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Short-term investments</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">SELIC</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-291; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-292; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">15.00</span></td><td style="text-align: left"><span style="font-size: 8pt">%</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-293; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">14.68</span></td><td style="text-align: left"><span style="font-size: 8pt">%</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-294; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">11.01</span></td><td style="text-align: left"><span style="font-size: 8pt">%</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-295; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">7.34</span></td><td style="text-align: left"><span style="font-size: 8pt">%</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-296; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">18.35</span></td><td style="text-align: left"><span style="font-size: 8pt">%</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-297; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">22.02</span></td><td style="text-align: left"><span style="font-size: 8pt">%</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Marketable securities</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">SELIC</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">16,908</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-298; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">15.00</span></td><td style="text-align: left"><span style="font-size: 8pt">%</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(54</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">14.68</span></td><td style="text-align: left"><span style="font-size: 8pt">%</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(619</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">11.01</span></td><td style="text-align: left"><span style="font-size: 8pt">%</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(1,241</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">7.34</span></td><td style="text-align: left"><span style="font-size: 8pt">%</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">619</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">18.35</span></td><td style="text-align: left"><span style="font-size: 8pt">%</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">1,241</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">22.02</span></td><td style="text-align: left"><span style="font-size: 8pt">%</span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Cash
and securities - USD</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="text-align: center; padding-bottom: 1.5pt"><span style="font-size: 8pt">USD</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">3,430</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">629</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">5.46</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(293</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">5.92</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(931</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">4.44</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(1,862</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">2.96</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">931</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">7.40</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">1,862</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">8.88</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Total
cash, cash equivalent</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="text-align: center; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">145,952</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">629</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">(623</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">(6,148</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">(12,323</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">6,148</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">12,323</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Financing in Paraguay</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">USD</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(49,113</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(9,000</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">5.46</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(22,720</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">5.92</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">72,682</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">4.44</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">145,370</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">2.96</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(72,682</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">7.40</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(145,370</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">8.88</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Financing in Bolivia</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">USD</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-299; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-300; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">5.46</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-301; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">5.92</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-302; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">4.44</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-303; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">2.96</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-304; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">7.40</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-305; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">8.88</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Financing in Brazil</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">USD</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(73,771</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-306; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">5.46</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(34,126</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">5.92</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">109,174</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">4.44</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">218,355</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">2.96</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(109,174</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">7.40</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(218,355</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">8.88</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Financing in Brazil</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">CDI</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(2,863</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-307; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">14.90</span></td><td style="text-align: left"><span style="font-size: 8pt">%</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">6</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">14.68</span></td><td style="text-align: left"><span style="font-size: 8pt">%</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">105</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">11.01</span></td><td style="text-align: left"><span style="font-size: 8pt">%</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">210</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">7.34</span></td><td style="text-align: left"><span style="font-size: 8pt">%</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(105</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">18.35</span></td><td style="text-align: left"><span style="font-size: 8pt">%</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(210</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">22.02</span></td><td style="text-align: left"><span style="font-size: 8pt">%</span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Financing/Debentures</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="text-align: center; padding-bottom: 1.5pt"><span style="font-size: 8pt">IPCA</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(312,415</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-308; font-size: 8pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">14.47</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">26,712</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">5.92</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">4,625</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">4.44</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">9,248</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">2.96</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(4,625</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">7.40</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(9,248</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">8.88</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Total
Financing (b)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="text-align: center; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">(438,162</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">(9,000</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">(30,128</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">186,586</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">373,183</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">(186,586</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">(373,183</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Araucária VI</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">Soybean bags</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">2,952</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">27,740</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">126.00</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-309; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">126.00</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(738</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">94.50</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(1,476</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">63.00</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">738</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">157.50</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">1,476</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">189.00</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Araucária VII</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">Soybean bags</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">134,893</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">1,282,500</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">122.77</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-310; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">122.77</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(33,723</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">92.08</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(67,447</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">61.38</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">33,723</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">153.46</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">67,447</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">184.15</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Jatobá II</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">Soybean bags</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">9,423</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">87,655</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">111.15</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-311; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">111.15</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(2,356</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">83.37</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(4,712</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">55.58</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">2,356</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">138.94</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">4,712</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">166.73</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Jatobá III</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">Soybean bags</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">3,685</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">33,374</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">113.14</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-312; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">113.14</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(921</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">84.85</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(1,843</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">56.57</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">921</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">141.42</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">1,843</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">169.71</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Jatobá V</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">Soybean bags</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">8,981</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">79,459</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">121.43</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-313; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">121.43</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(2,245</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">91.07</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(4,491</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">60.71</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">2,245</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">151.78</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">4,491</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">182.14</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Jatobá VI</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">Soybean bags</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">13,002</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">116,083</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">128.68</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-314; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">128.68</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(3,251</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">96.51</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(6,501</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">64.34</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">3,251</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">160.85</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">6,501</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">193.02</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Jatobá VII</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">Soybean bags</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">57,297</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">549,084</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">137.79</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-315; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">137.79</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(14,324</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">103.34</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(28,649</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">68.89</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">14,324</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">172.23</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">28,649</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">206.68</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Alto Taquari IV</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">Soybean bags</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">149,582</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">1,456,974</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">132.33</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-316; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">132.33</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(37,396</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">99.25</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(74,791</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">66.16</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">37,396</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">165.41</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">74,791</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">198.49</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Chaparral I</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">Soybean bags</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">219,792</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">2,127,241</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">147.78</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-317; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">147.78</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(54,948</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">110.84</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(109,896</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">73.89</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">54,948</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">184.73</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">109,896</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">221.67</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Preferência I</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">Cattle (@)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">101,620</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">452,342</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">333.60</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-318; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">333.60</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(25,405</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">250.20</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(50,810</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">166.80</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">25,405</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">417.00</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">50,810</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">500.40</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Rio do Meio I</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">Soybean bags</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">49,571</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">442,884</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">127.90</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-319; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">127.90</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(12,393</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">95.92</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(24,786</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">63.95</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">12,393</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">159.87</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">24,786</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">191.84</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Rio
do Meio II</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="text-align: center; padding-bottom: 1.5pt"><span style="font-size: 8pt">Soybean bags</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">5,276</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">65,757</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">128.47</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-320; font-size: 8pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">128.47</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(1,319</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">96.35</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(2,638</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">64.23</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">1,319</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">160.58</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">2,638</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">192.70</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Total
receivables from farms</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="text-align: center; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">756,074</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">6,721,093</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-321; font-size: 8pt">-</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">(189,019</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">(378,040</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">189,019</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">378,040</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Derivative operations</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">Grains (bags)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">5,824</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(2,638,573</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-322; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">2,200</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-323; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">51,043</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-324; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">102,458</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-325; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(60,368</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-326; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(121,042</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-327; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Derivative operations</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">USD</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">16,059</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(78,415</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-328; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">15,989</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-329; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">98,436</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-330; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">196,806</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-331; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(98,300</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-332; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(196,672</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-333; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Derivative operations</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">Cattle (@)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">23</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(1,650</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-334; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-335; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-336; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">108</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-337; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">239</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-338; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(154</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-339; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(284</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-340; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Derivative operations</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">Cotton (lbs.)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">3,191</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(27,602,400</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-341; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">3,192</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-342; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">9,206</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-343; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">19,395</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-344; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(18,083</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-345; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(38,750</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-346; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Derivative operations</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">Ethanol (m^3)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(7,177</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(58,800</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-347; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(7,178</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-348; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">40,686</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-349; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">81,371</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-350; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(40,686</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-351; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(81,371</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-352; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Derivative operations</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">Swap (BRL)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(10,906</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-353; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-354; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(10,906</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-355; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">25,841</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-356; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">54,497</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-357; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(23,469</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-358; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(44,918</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-359; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Derivative operations</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">Sugarcane (Kg)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">14</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(30,336,000</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-360; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">14</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-361; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">8,998</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-362; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">17,995</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-363; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(8,998</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-364; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(17,995</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-365; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Margin
- Stonex</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="text-align: center; padding-bottom: 1.5pt"><span style="font-size: 8pt">CDI</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">430</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-366; font-size: 8pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">14.90</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(1</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">14.68</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(16</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">11.01</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(32</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">7.34</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">16</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">18.35</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">32</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">22.02</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Total
Derivatives (a)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="text-align: center; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">7,458</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">(60,715,838</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">3,310</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">234,302</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">472,729</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">(250,042</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">(501,000</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Cresca, net</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">USD</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-367; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-368; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">5.46</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-369; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">5.92</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-370; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">4.44</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-371; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">2.96</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-372; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">7.40</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-373; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">8.88</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Cresud, net</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">USD</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(1,703</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(312</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">5.46</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(144</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">5.92</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">462</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">4.44</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">923</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">2.96</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(462</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">7.40</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(923</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">8.88</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Helmir,
net</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="text-align: center; padding-bottom: 1.5pt"><span style="font-size: 8pt">USD</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(5,256</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(963</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">5.46</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(444</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">5.92</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">1,425</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">4.44</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">2,850</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">2.96</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(1,425</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">7.40</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(2,850</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">8.88</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Total
related parties</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="text-align: center; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">(6,959</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">(1,275</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">(588</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">1,887</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">3,773</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">(1,887</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">(3,773</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(*)</td><td style="text-align: justify">SOURCE Risks: Bloomberg</td>
</tr></table>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(a)</td><td style="text-align: justify">For sensitivity analysis of derivative positions, forward rates
and prices at each maturity date of the operation were used, according to the table above.</td>
</tr></table>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(b)</td><td style="text-align: justify">The sensitivity analyses do not consider financing transactions
and receivables from farms with fixed rate.</td>
</tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">b)</td><td style="text-align: justify"><span style="text-decoration:underline">Credit risk</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">Credit risk refers to the risk of
the noncompliance by a counterparty of its contractual obligations, leading the Company to incur financial losses. The risk to which the
Company is exposed arises from the possibility of not recovering the amounts receivable from the sale of sugarcane, grains, and from the
leasing of land.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">To reduce credit risk in commercial
transactions, the Company adopts the practice of defining credit limits in which it analyzes factors such as: the counterparty’s
history, history of its business, commercial references and Credit Protection Institution (Serasa). The Company also constantly monitors
the outstanding balances.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">Currently, management does not expect
losses due to the default of its counterparties and has no significant exposure to any individual counterparty.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">c)</td><td style="text-align: justify"><span style="text-decoration:underline">Liquidity risk</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">The table below shows the Company's
financial liabilities by group of maturity based on the remaining period at the balance sheet date up to the contract maturity date. The
amounts disclosed in the table are the discounted contractual cash flows, except for “Loans, financing and debentures” and
“Leases payable” lines, in addition to the net derivative financial instruments, whose fair value is disclosed.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Note</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Book<br/>
value</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Contractual value</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Less than one<br/>
year</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">From one to two years</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">From three to five years</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Above<br/>
five years</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">At June 30, 2025</td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2" style="text-align: right"> </td><td> </td><td> </td>
<td colspan="2" style="text-align: right"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; width: 16%; text-align: left">Derivative financial instruments</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: center">7</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">33,124</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">33,124</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">15,492</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">17,632</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-374">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-375">—</div></td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Lease payables</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center">15</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">352,539</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">635,192</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">88,397</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">144,367</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">248,148</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">154,280</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Trade payable</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center">16</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">103,658</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">103,658</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">103,658</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-376">—</div></td><td style="text-align: left"></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-377">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-378">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Loans, financing and debentures</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center">17</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">885,519</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,058,791</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">402,928</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">262,410</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">329,643</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">63,810</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Other liabilities</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center">19</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">24,445</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">24,445</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,082</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17,363</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-379">—</div></td><td style="text-align: left"></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-380">—</div></td><td style="text-align: left"></td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Transactions with related parties</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center">30</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,401</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,401</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-381">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,401</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-382">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-383">—</div></td><td style="text-align: left"></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">At June 30, 2024</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Derivative financial instruments</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center">7</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">87,068</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">87,068</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">69,190</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17,878</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-384">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-385">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Lease payables</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center">15</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">286,605</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">444,021</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">75,481</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">126,840</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">174,720</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">66,980</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Trade payable</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center">16</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">67,192</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">67,192</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">67,192</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-386">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-387">—</div></td><td style="text-align: left"></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-388">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Loans, financing and debentures</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center">17</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">681,938</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">904,321</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">205,253</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">61,007</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">537,641</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">100,420</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Other liabilities</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center">19</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32,913</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32,913</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,357</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">24,556</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-389">—</div></td><td style="text-align: left"> </td><td></td>
<td style="text-align: left"></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-390">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Transactions with related parties</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center">30</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,275</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,275</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-391">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,275</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-392">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-393">—</div></td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>5.9.</b></td><td style="text-align: justify"><b>Capital management</b></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">The Company’s objectives when
managing capital are to safeguard the Company’s ability to continue as a going concern in order to provide returns for stockholders
and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">In order to maintain or adjust the
capital structure, the Company may adjust the amount of dividend paid to stockholders, return capital to stockholders or, also, issue
new shares or sell assets to reduce, for example, debt.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">Consistent with others in the industry,
the Company monitors capital based on the leverage ratio. This ratio is calculated as net debt divided by total equity. Net debt is calculated
as total loans, financing and debentures (including “current and noncurrent loans and financing” as shown in the Consolidated
statement of financial position), acquisitions payable and derivatives less cash and cash equivalents.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The following
table demonstrates the financial debts.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: left">Total derivatives (Note 7)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">(7,458</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">48,593</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Loans, financing and debentures (Note 17)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">885,519</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">681,938</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Total acquisitions payable (Note 19)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">24,445</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">32,913</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">902,506</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">763,444</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Less: cash and cash equivalents (Note 6.1)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(142,908</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(170,953</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Less: marketable securities (Notes 6.2)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(16,908</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(38,661</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(159,816</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(209,614</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Net debt (net cash)</td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">742,690</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">553,830</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Total equity</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,177,728</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,179,679</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Leverage ratio</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">34.10</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">25.41</td><td style="text-align: left">%</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>5.10. Fair value hierarchy </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">The carrying amount (less impairment)
of trade accounts receivable and payables approximate their fair values. The fair value of financial liabilities, for disclosure purposes,
is estimated by discounting the future contractual cash flows at the current market interest rate that is available for similar financial
instruments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">The Company adopted IFRS 7 and IFRS
13 for financial instruments that are measured in the balance sheet at fair value; this requires disclosure of fair value measurements
by level of the following fair value measurement hierarchy:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Quoted prices (unadjusted) in active markets for identical
assets or liabilities (Level 1).</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Inputs other than quoted prices included within level 1 that
are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2).</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Inputs for the asset or liability that are not based on observable
market data (that is, unobservable inputs) (Level 3).</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-size: 10pt">The
following table presents the Company’s assets and liabilities, their classification and the fair value, as well as the level</span>
of <span style="font-size: 10pt">hierarchy:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-size: 10pt"> </span></p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="21" style="border-bottom: Black 1.5pt solid; text-align: center"><b>June 30, 2025</b></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid; padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">Consolidated - R$ thousand</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Note</td><td style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Book value</td><td style="text-align: center; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fair value</td><td style="text-align: center; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; text-align: center"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Quoted prices in active markets </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>(Level 1)</b></p></td><td style="text-align: center"> </td><td style="border-bottom: Black 1.5pt solid; text-align: center"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Significant observable data</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>(Level 2)</b></p></td><td style="text-align: center"> </td><td style="border-bottom: Black 1.5pt solid; text-align: center"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Significant non-observable data</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>(Level 3)</b></p></td><td style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">Financial assets measured at amortized cost</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Current</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; width: 28%; text-align: left">Cash and cash equivalents</td><td style="width: 1%"> </td>
<td style="width: 11%; text-align: center">6.1</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">125,614</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">125,614</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">125,614</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-394">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-395">—</div></td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Trade receivables, net</td><td> </td>
<td style="text-align: center">8.1</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">149,639</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">149,639</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-396">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">149,639</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-397">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Non-current</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Related-party transactions</td><td> </td>
<td style="text-align: center">30</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,822</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,822</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-398">—</div></td><td style="text-align: left"></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,822</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-399">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">Financial assets measured at fair value through profit or loss</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Current</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Marketable securities</td><td> </td>
<td style="text-align: center">6.2</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,908</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,908</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,908</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-400">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-401">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Receivables from sale of farm, net</td><td> </td>
<td style="text-align: center">8.1</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">235,419</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">235,419</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-402">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">235,419</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-403">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Derivative operations (b)</td><td> </td>
<td style="text-align: center">7</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">13,813</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">13,813</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">13,813</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-404">—</div></td><td style="text-align: left"></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Derivative operations (b)</td><td> </td>
<td style="text-align: center">7</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,796</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,796</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-405">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,796</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-406">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Non-current</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Receivables from sale of farm, net</td><td> </td>
<td style="text-align: center">8.1</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">521,210</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">521,210</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-407">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">521,210</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-408">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Derivative operations (b)</td><td> </td>
<td style="text-align: center">7</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,973</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,973</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-409">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,973</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-410">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">Non-financial assets measured at fair value</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Current</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Biological assets</td><td> </td>
<td style="text-align: center">10</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">26,859</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">26,859</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-411">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">26,859</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-412">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Biological assets</td><td> </td>
<td style="text-align: center">10</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">238,581</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">238,581</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-413">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-414">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">238,581</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Non-current</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Biological assets</td><td> </td>
<td style="text-align: center">10</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32,345</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32,345</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-415">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32,345</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-416">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">Non-financial assets measured at cost</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Non-current</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Investment properties</td><td> </td>
<td style="text-align: center">11</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,323,834</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,615,837</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-417">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-418">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,615,837</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">Total</td><td> </td>
<td style="text-align: center"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">2,713,813</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">5,005,816</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">156,335</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">995,063</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">3,854,418</td><td style="font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">Financial liabilities measured at amortized cost</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Current</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Trade payables</td><td> </td>
<td style="text-align: center">16</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">103,659</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">103,659</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-419">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">103,659</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-420">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Loans, financing and debentures (a)</td><td> </td>
<td style="text-align: center">17</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">355,841</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">355,841</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-421">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">355,841</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-422">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Accounts payable due to acquisition of farm</td><td> </td>
<td style="text-align: center">19</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,305</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,305</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-423">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,305</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-424">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Non-current</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Related-party transactions</td><td> </td>
<td style="text-align: center">30</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,401</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,401</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-425">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,401</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-426">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Loans, financing and debentures (a)</td><td> </td>
<td style="text-align: center">17</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">529,678</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">529,678</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-427">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">529,678</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-428">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">Financial liabilities measured at fair value through profit or loss</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Current</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Leases payable and associated liabilities</td><td> </td>
<td style="text-align: center">15</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">82,330</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">82,330</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-429">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">82,330</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-430">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Derivative operations (b)</td><td> </td>
<td style="text-align: center">7</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">13,520</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">13,520</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">13,520</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-431">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-432">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Derivative operations (b)</td><td> </td>
<td style="text-align: center">7</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,972</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,972</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-433">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,972</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-434">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Accounts payable due to acquisition of farm</td><td> </td>
<td style="text-align: center">19</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,777</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,777</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-435">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,777</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-436">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Non-current</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Leases payable and associated liabilities</td><td> </td>
<td style="text-align: center">15</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">343,454</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">343,454</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-437">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">343,454</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-438">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Derivative operations (b)</td><td> </td>
<td style="text-align: center">7</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">202</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">202</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">202</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-439">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-440">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Derivative operations (b)</td><td> </td>
<td style="text-align: center">7</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17,430</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17,430</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-441">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17,430</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-442">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Accounts payable due to acquisition of farm</td><td> </td>
<td style="text-align: center">19</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">17,363</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">17,363</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-443">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">17,363</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-444">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">Total</td><td> </td>
<td style="text-align: center"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">1,480,932</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">1,480,932</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">13,722</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">1,467,210</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-445">—</div></td><td style="font-weight: bold; text-align: left"> </td></tr>
</table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="22" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30, 2024</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid; padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">Consolidated - R$ thousand</td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Note</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Book value</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fair value</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Quoted prices in active markets<br/>
(Level 1)</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Significant observable data</p>
<p style="margin-top: 0; margin-bottom: 0">(Level 2)</p></td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Significant non-observable<br/>
data <br/>
(Level 3)</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">Financial assets measured at amortized cost</td><td> </td>
<td colspan="2" style="text-align: center"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Current</td><td> </td>
<td colspan="2" style="text-align: center"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.25in; text-indent: -0.125in; width: 40%; text-align: left">Cash and cash equivalents</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: center"> </td><td style="width: 7%; text-align: center"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">153,132</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">153,132</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">153,132</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-446">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-447">—</div></td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Trade accounts receivables, net</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">8.1</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">107,256</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">107,256</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-448">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">107,256</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-449">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Non-current</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Transactions with related parties</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">30</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,968</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,968</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-450">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,968</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-451">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in"> </td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">Financial assets measured at fair value through profit and loss</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Current</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Marketable securities</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">6.2</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">22,941</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">22,941</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">22,941</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-452">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-453">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Receivables from sale of farm, net</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">8.1</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">249,327</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">249,327</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-454">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-455">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">249,327</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Derivative financial instruments (b)</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">7</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">31,718</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">31,718</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">29,873</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,845</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-456">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Noncurrent</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Marketable securities</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">6.2</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,720</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,720</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,720</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-457">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-458">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Receivables from sale of farm, net</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">8.1</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">520,758</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">520,758</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-459">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-460">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">520,758</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Derivative financial instruments (b)</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">7</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,757</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,757</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">738</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,019</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-461">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in"> </td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">Non-financial assets measured at fair value</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Current</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Biological assets</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">10</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">210,335</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">210,335</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-462">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14,664</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">195,671</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Noncurrent</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Biological assets</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">10</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">26,930</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">26,930</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-463">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">26,930</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-464">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"> </td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">Non-financial assets measured at cost</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Noncurrent</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Investment properties</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">11</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,267,828</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,841,656</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-465">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-466">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,841,656</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">Total</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">2,615,670</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">4,189,498</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">222,404</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">159,682</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">3,807,412</td><td style="font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"> </td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">Financial liabilities measured at amortized cost</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Current</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Trade payables</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">16</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">67,192</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">67,192</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-467">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">67,192</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-468">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Loans, financing and debentures (a)</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">17</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">177,311</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">177,311</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-469">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">177,311</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-470">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Noncurrent</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Transactions with related parties</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">30</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,275</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,275</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-471">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,275</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-472">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Loans, financing and debentures (a)</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">17</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">504,627</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">504,627</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-473">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">504,627</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-474">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"> </td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">Financial liabilities measured at fair value through profit and loss</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Current</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Lease payable</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">77,456</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">77,456</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-475">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">77,456</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-476">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Derivative financial instruments (b)</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">7</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">69,190</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">69,190</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">36,901</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32,289</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-477">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Accounts payable for acquisition</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">19</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,357</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,357</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,357</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-478">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-479">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Noncurrent</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Lease payable</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">7</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">284,604</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">284,604</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-480">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">284,604</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-481">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Derivative financial instruments (b)</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">15</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17,878</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17,878</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,493</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,385</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-482">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Accounts payable for acquisition</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">24,556</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">24,556</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">24,556</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-483">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-484">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.25in; text-indent: -0.125in; font-weight: bold; text-align: left">Total</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">1,240,446</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">1,240,446</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">71,307</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">1,169,139</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-485">—</div></td><td style="font-weight: bold; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(a)</td><td style="text-align: justify">The book value of loans and financing presented in the financial
statements approximates the fair value, since the rates of these instruments are substantially subsidized and there is no intention of
early settlement;</td>
</tr></table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(b)</td><td style="text-align: justify">The derivative transactions negotiated at active market are
measured at fair value at Level 1, over-the-counter transactions are measured at Level 2, as presented in the table above</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The significant
non-observable inputs used in the measurement of the fair value of the credits from the sale of the farm classified as Level 3 in the
fair value hierarchy, along with an analysis of quantitative sensitivity on June 30, 2025, are as follows. The significant non-observable
inputs used in the measurement of the fair value of biological assets and investment properties are disclosed in Notes 10 and 11, respectively:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; width: 20%; font-weight: bold; text-align: left">Description</td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 15%; font-weight: bold; text-align: center; padding-left: 3.5pt">Evaluation<br/> method</td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 15%; font-weight: bold; text-align: center; padding-left: 3.5pt">Significant non-observable inputs</td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 19%; font-weight: bold; text-align: center; padding-left: 3.5pt">Variation of non-observable inputs</td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 27%; font-weight: bold; text-align: center; padding-left: 3.5pt">Sensitivity of inputs to fair value</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; padding-bottom: 1.5pt">Receivables from sale of farm</td><td style="text-align: center; padding-bottom: 1.5pt; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center; padding-bottom: 1.5pt; padding-left: 3.5pt">Discounted cash flow</td><td style="text-align: center; padding-bottom: 1.5pt; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center; padding-bottom: 1.5pt; padding-left: 3.5pt"> Premium (or Basis)</td><td style="text-align: center; padding-bottom: 1.5pt; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center; padding-bottom: 1.5pt; padding-left: 3.5pt">0.53 - 0.97 USD/bu</td><td style="text-align: center; padding-bottom: 1.5pt; vertical-align: top"> </td> <td style="vertical-align: top; text-align: justify; padding-bottom: 1.5pt; padding-left: 3.5pt">The increase or decrease of 0.20 USD/bu in the premium (or basis) paid for the soybean would result in an impact of R$12,960, representing an increase or decrease of 1.71% in the receivables from the farm.</td></tr> </table>
0
0.25
0.50
0.25
0.50
Reliable sources of index were used for
the rates used in the “probable scenario”.<table cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td colspan="3" style="font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Consolidated</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="6" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">Scenario
I -</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Scenario
I - Probable</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Scenario
II - Remote</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Scenario
III - Probable</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Scenario
IV - Remote</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom">
<td colspan="3" style="text-align: center"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">June
30, 2025</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Probable</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">Decrease</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">Decrease</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">Increase</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">Increase</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt">(*) annual average
rates Operation</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Risk</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Balance
(R$)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Notional/
Position</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Rate</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Balance
(R$)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Rate</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Balance<br/>
(R$)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">-25%<br/>
Rate</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Balance<br/>
(R$)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">-50%<br/>
Rate</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Balance<br/>
(R$)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">25%<br/>
Rate</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Balance<br/>
(R$)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">50%<br/>
Rate</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; width: 7.5%"><span style="font-size: 8pt">Short-term investments</span></td><td style="width: 1%"><span style="font-size: 8pt"> </span></td>
<td style="width: 7%; text-align: center"><span style="font-size: 8pt">CDI</span></td><td style="width: 1%"><span style="font-size: 8pt"> </span></td>
<td style="width: 0.25%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="width: 5%; text-align: right"><span style="font-size: 8pt">125,614</span></td><td style="width: 0.25%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="width: 1%"><span style="font-size: 8pt"> </span></td>
<td style="width: 0.25%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="width: 5%; text-align: right"><span style="-sec-ix-hidden: hidden-fact-290; font-size: 8pt">-</span></td><td style="width: 0.25%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="width: 1%"><span style="font-size: 8pt"> </span></td>
<td style="width: 0.25%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="width: 5%; text-align: right"><span style="font-size: 8pt">14.90</span></td><td style="width: 0.25%; text-align: left"><span style="font-size: 8pt">%</span></td><td style="width: 1%"><span style="font-size: 8pt"> </span></td>
<td style="width: 0.25%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="width: 5%; text-align: right"><span style="font-size: 8pt">(276</span></td><td style="width: 0.25%; text-align: left"><span style="font-size: 8pt">)</span></td><td style="width: 1%"><span style="font-size: 8pt"> </span></td>
<td style="width: 0.25%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="width: 5%; text-align: right"><span style="font-size: 8pt">14.68</span></td><td style="width: 0.25%; text-align: left"><span style="font-size: 8pt">%</span></td><td style="width: 1%"><span style="font-size: 8pt"> </span></td>
<td style="width: 0.25%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="width: 5%; text-align: right"><span style="font-size: 8pt">(4,598</span></td><td style="width: 0.25%; text-align: left"><span style="font-size: 8pt">)</span></td><td style="width: 1%"><span style="font-size: 8pt"> </span></td>
<td style="width: 0.25%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="width: 5%; text-align: right"><span style="font-size: 8pt">11.01</span></td><td style="width: 0.25%; text-align: left"><span style="font-size: 8pt">%</span></td><td style="width: 1%"><span style="font-size: 8pt"> </span></td>
<td style="width: 0.25%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="width: 5%; text-align: right"><span style="font-size: 8pt">(9,220</span></td><td style="width: 0.25%; text-align: left"><span style="font-size: 8pt">)</span></td><td style="width: 1%"><span style="font-size: 8pt"> </span></td>
<td style="width: 0.25%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="width: 5%; text-align: right"><span style="font-size: 8pt">7.34</span></td><td style="width: 0.25%; text-align: left"><span style="font-size: 8pt">%</span></td><td style="width: 1%"><span style="font-size: 8pt"> </span></td>
<td style="width: 0.25%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="width: 5%; text-align: right"><span style="font-size: 8pt">4,598</span></td><td style="width: 0.25%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="width: 1%"><span style="font-size: 8pt"> </span></td>
<td style="width: 0.25%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="width: 5%; text-align: right"><span style="font-size: 8pt">18.35</span></td><td style="width: 0.25%; text-align: left"><span style="font-size: 8pt">%</span></td><td style="width: 1%"><span style="font-size: 8pt"> </span></td>
<td style="width: 0.25%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="width: 5%; text-align: right"><span style="font-size: 8pt">9,220</span></td><td style="width: 0.25%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="width: 1%"><span style="font-size: 8pt"> </span></td>
<td style="width: 0.25%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="width: 5%; text-align: right"><span style="font-size: 8pt">22.02</span></td><td style="width: 0.25%; text-align: left"><span style="font-size: 8pt">%</span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Short-term investments</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">SELIC</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-291; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-292; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">15.00</span></td><td style="text-align: left"><span style="font-size: 8pt">%</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-293; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">14.68</span></td><td style="text-align: left"><span style="font-size: 8pt">%</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-294; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">11.01</span></td><td style="text-align: left"><span style="font-size: 8pt">%</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-295; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">7.34</span></td><td style="text-align: left"><span style="font-size: 8pt">%</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-296; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">18.35</span></td><td style="text-align: left"><span style="font-size: 8pt">%</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-297; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">22.02</span></td><td style="text-align: left"><span style="font-size: 8pt">%</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Marketable securities</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">SELIC</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">16,908</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-298; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">15.00</span></td><td style="text-align: left"><span style="font-size: 8pt">%</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(54</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">14.68</span></td><td style="text-align: left"><span style="font-size: 8pt">%</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(619</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">11.01</span></td><td style="text-align: left"><span style="font-size: 8pt">%</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(1,241</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">7.34</span></td><td style="text-align: left"><span style="font-size: 8pt">%</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">619</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">18.35</span></td><td style="text-align: left"><span style="font-size: 8pt">%</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">1,241</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">22.02</span></td><td style="text-align: left"><span style="font-size: 8pt">%</span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Cash
and securities - USD</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="text-align: center; padding-bottom: 1.5pt"><span style="font-size: 8pt">USD</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">3,430</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">629</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">5.46</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(293</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">5.92</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(931</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">4.44</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(1,862</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">2.96</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">931</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">7.40</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">1,862</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">8.88</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Total
cash, cash equivalent</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="text-align: center; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">145,952</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">629</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">(623</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">(6,148</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">(12,323</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">6,148</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">12,323</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Financing in Paraguay</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">USD</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(49,113</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(9,000</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">5.46</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(22,720</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">5.92</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">72,682</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">4.44</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">145,370</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">2.96</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(72,682</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">7.40</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(145,370</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">8.88</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Financing in Bolivia</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">USD</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-299; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-300; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">5.46</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-301; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">5.92</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-302; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">4.44</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-303; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">2.96</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-304; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">7.40</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-305; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">8.88</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Financing in Brazil</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">USD</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(73,771</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-306; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">5.46</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(34,126</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">5.92</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">109,174</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">4.44</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">218,355</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">2.96</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(109,174</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">7.40</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(218,355</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">8.88</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Financing in Brazil</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">CDI</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(2,863</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-307; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">14.90</span></td><td style="text-align: left"><span style="font-size: 8pt">%</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">6</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">14.68</span></td><td style="text-align: left"><span style="font-size: 8pt">%</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">105</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">11.01</span></td><td style="text-align: left"><span style="font-size: 8pt">%</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">210</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">7.34</span></td><td style="text-align: left"><span style="font-size: 8pt">%</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(105</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">18.35</span></td><td style="text-align: left"><span style="font-size: 8pt">%</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(210</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">22.02</span></td><td style="text-align: left"><span style="font-size: 8pt">%</span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Financing/Debentures</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="text-align: center; padding-bottom: 1.5pt"><span style="font-size: 8pt">IPCA</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(312,415</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-308; font-size: 8pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">14.47</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">26,712</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">5.92</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">4,625</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">4.44</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">9,248</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">2.96</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(4,625</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">7.40</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(9,248</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">8.88</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Total
Financing (b)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="text-align: center; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">(438,162</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">(9,000</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">(30,128</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">186,586</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">373,183</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">(186,586</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">(373,183</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Araucária VI</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">Soybean bags</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">2,952</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">27,740</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">126.00</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-309; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">126.00</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(738</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">94.50</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(1,476</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">63.00</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">738</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">157.50</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">1,476</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">189.00</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Araucária VII</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">Soybean bags</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">134,893</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">1,282,500</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">122.77</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-310; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">122.77</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(33,723</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">92.08</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(67,447</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">61.38</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">33,723</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">153.46</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">67,447</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">184.15</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Jatobá II</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">Soybean bags</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">9,423</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">87,655</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">111.15</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-311; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">111.15</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(2,356</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">83.37</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(4,712</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">55.58</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">2,356</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">138.94</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">4,712</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">166.73</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Jatobá III</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">Soybean bags</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">3,685</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">33,374</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">113.14</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-312; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">113.14</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(921</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">84.85</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(1,843</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">56.57</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">921</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">141.42</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">1,843</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">169.71</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Jatobá V</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">Soybean bags</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">8,981</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">79,459</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">121.43</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-313; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">121.43</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(2,245</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">91.07</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(4,491</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">60.71</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">2,245</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">151.78</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">4,491</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">182.14</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Jatobá VI</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">Soybean bags</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">13,002</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">116,083</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">128.68</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-314; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">128.68</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(3,251</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">96.51</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(6,501</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">64.34</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">3,251</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">160.85</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">6,501</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">193.02</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Jatobá VII</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">Soybean bags</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">57,297</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">549,084</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">137.79</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-315; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">137.79</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(14,324</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">103.34</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(28,649</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">68.89</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">14,324</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">172.23</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">28,649</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">206.68</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Alto Taquari IV</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">Soybean bags</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">149,582</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">1,456,974</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">132.33</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-316; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">132.33</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(37,396</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">99.25</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(74,791</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">66.16</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">37,396</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">165.41</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">74,791</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">198.49</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Chaparral I</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">Soybean bags</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">219,792</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">2,127,241</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">147.78</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-317; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">147.78</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(54,948</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">110.84</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(109,896</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">73.89</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">54,948</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">184.73</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">109,896</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">221.67</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Preferência I</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">Cattle (@)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">101,620</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">452,342</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">333.60</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-318; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">333.60</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(25,405</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">250.20</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(50,810</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">166.80</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">25,405</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">417.00</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">50,810</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">500.40</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Rio do Meio I</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">Soybean bags</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">49,571</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">442,884</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">127.90</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-319; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">127.90</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(12,393</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">95.92</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(24,786</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">63.95</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">12,393</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">159.87</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">24,786</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">191.84</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Rio
do Meio II</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="text-align: center; padding-bottom: 1.5pt"><span style="font-size: 8pt">Soybean bags</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">5,276</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">65,757</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">128.47</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-320; font-size: 8pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">128.47</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(1,319</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">96.35</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(2,638</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">64.23</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">1,319</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">160.58</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">2,638</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">192.70</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Total
receivables from farms</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="text-align: center; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">756,074</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">6,721,093</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-321; font-size: 8pt">-</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">(189,019</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">(378,040</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">189,019</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">378,040</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Derivative operations</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">Grains (bags)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">5,824</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(2,638,573</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-322; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">2,200</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-323; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">51,043</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-324; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">102,458</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-325; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(60,368</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-326; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(121,042</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-327; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Derivative operations</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">USD</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">16,059</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(78,415</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-328; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">15,989</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-329; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">98,436</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-330; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">196,806</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-331; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(98,300</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-332; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(196,672</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-333; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Derivative operations</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">Cattle (@)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">23</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(1,650</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-334; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-335; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-336; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">108</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-337; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">239</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-338; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(154</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-339; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(284</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-340; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Derivative operations</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">Cotton (lbs.)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">3,191</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(27,602,400</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-341; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">3,192</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-342; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">9,206</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-343; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">19,395</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-344; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(18,083</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-345; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(38,750</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-346; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Derivative operations</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">Ethanol (m^3)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(7,177</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(58,800</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-347; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(7,178</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-348; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">40,686</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-349; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">81,371</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-350; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(40,686</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-351; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(81,371</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-352; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Derivative operations</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">Swap (BRL)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(10,906</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-353; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-354; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(10,906</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-355; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">25,841</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-356; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">54,497</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-357; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(23,469</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-358; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(44,918</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-359; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Derivative operations</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">Sugarcane (Kg)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">14</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(30,336,000</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-360; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">14</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-361; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">8,998</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-362; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">17,995</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-363; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(8,998</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-364; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(17,995</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 8pt"> </span></td>
<td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-365; font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Margin
- Stonex</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="text-align: center; padding-bottom: 1.5pt"><span style="font-size: 8pt">CDI</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">430</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-366; font-size: 8pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">14.90</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(1</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">14.68</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(16</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">11.01</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(32</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">7.34</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">16</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">18.35</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">32</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">22.02</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Total
Derivatives (a)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="text-align: center; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">7,458</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">(60,715,838</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">3,310</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">234,302</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">472,729</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">(250,042</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">(501,000</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Cresca, net</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">USD</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-367; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-368; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">5.46</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-369; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">5.92</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-370; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">4.44</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-371; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">2.96</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-372; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">7.40</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-373; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">8.88</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Cresud, net</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: center"><span style="font-size: 8pt">USD</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(1,703</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(312</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">5.46</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(144</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">5.92</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">462</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">4.44</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">923</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">2.96</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(462</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">7.40</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">(923</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td><td><span style="font-size: 8pt"> </span></td>
<td style="text-align: left"><span style="font-size: 8pt"> </span></td><td style="text-align: right"><span style="font-size: 8pt">8.88</span></td><td style="text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Helmir,
net</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="text-align: center; padding-bottom: 1.5pt"><span style="font-size: 8pt">USD</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(5,256</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(963</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">5.46</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(444</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">5.92</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">1,425</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">4.44</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">2,850</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">2.96</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(1,425</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">7.40</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(2,850</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">8.88</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Total
related parties</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="text-align: center; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">(6,959</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">(1,275</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">(588</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">1,887</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">3,773</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">(1,887</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-size: 8pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 8pt">(3,773</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 8pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(*)</td><td style="text-align: justify">SOURCE Risks: Bloomberg</td>
</tr></table>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(a)</td><td style="text-align: justify">For sensitivity analysis of derivative positions, forward rates
and prices at each maturity date of the operation were used, according to the table above.</td>
</tr></table>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(b)</td><td style="text-align: justify">The sensitivity analyses do not consider financing transactions
and receivables from farms with fixed rate.</td>
</tr></table>
125614000
0.149
-276000
0.1468
-4598000
0.1101
-9220000
0.0734
4598000
0.1835
9220000
0.2202
0.15
0.1468
0.1101
0.0734
0.1835
0.2202
16908000
0.15
-54000
0.1468
-619000
0.1101
-1241000
0.0734
619000
0.1835
1241000
0.2202
3430000
629000
0.0546
-293000
0.0592
-931000
0.0444
-1862000
0.0296
931000
0.074
1862000
0.0888
145952000
629000
-623000
-6148000
-12323000
6148000
12323000
-49113000
-9000000
0.0546
-22720000
0.0592
72682000
0.0444
145370000
0.0296
-72682000
0.074
-145370000
0.0888
0.0546
0.0592
0.0444
0.0296
0.074
0.0888
-73771000
0.0546
-34126000
0.0592
109174000
0.0444
218355000
0.0296
-109174000
0.074
-218355000
0.0888
-2863000
0.149
6000
0.1468
105000
0.1101
210000
0.0734
-105000
0.1835
-210000
0.2202
-312415000
0.1447
26712000
0.0592
4625000
0.0444
9248000
0.0296
-4625000
0.074
-9248000
0.0888
-438162000
-9000000
-30128000
186586000
373183000
-186586000
-373183000
2952000
27740000
1.26
1.26
-738000
0.945
-1476000
0.63
738000
1.575
1476000
1.89
134893000
1282500000
1.2277
1.2277
-33723000
0.9208
-67447000
0.6138
33723000
1.5346
67447000
1.8415
9423000
87655000
1.1115
1.1115
-2356000
0.8337
-4712000
0.5558
2356000
1.3894
4712000
1.6673
3685000
33374000
1.1314
1.1314
-921000
0.8485
-1843000
0.5657
921000
1.4142
1843000
1.6971
8981000
79459000
1.2143
1.2143
-2245000
0.9107
-4491000
0.6071
2245000
1.5178
4491000
1.8214
13002000
116083000
1.2868
1.2868
-3251000
0.9651
-6501000
0.6434
3251000
1.6085
6501000
1.9302
57297000
549084000
1.3779
1.3779
-14324000
1.0334
-28649000
0.6889
14324000
1.7223
28649000
2.0668
149582000
1456974000
1.3233
1.3233
-37396000
0.9925
-74791000
0.6616
37396000
1.6541
74791000
1.9849
219792000
2127241000
1.4778
1.4778
-54948000
1.1084
-109896000
0.7389
54948000
1.8473
109896000
2.2167
101620000
452342000
3.336
3.336
-25405000
2.502
-50810000
1.668
25405000
4.17
50810000
5.004
49571000
442884000
1.279
1.279
-12393000
0.9592
-24786000
0.6395
12393000
1.5987
24786000
1.9184
5276000
65757000
1.2847
1.2847
-1319000
0.9635
-2638000
0.6423
1319000
1.6058
2638000
1.927
756074000
6721093000
-189019000
-378040000
189019000
378040000
5824000
-2638573000
2200000
51043000
102458000
-60368000
-121042000
16059000
-78415000
15989000
98436000
196806000
-98300000
-196672000
23000
-1650000
108000
239000
-154000
-284000
3191000
-27602400000
3192000
9206000
19395000
-18083000
-38750000
-7177000
-58800000
-7178000
40686000
81371000
-40686000
-81371000
-10906000
-10906000
25841000
54497000
-23469000
-44918000
14000
-30336000000
14000
8998000
17995000
-8998000
-17995000
430000
0.149
-1000
0.1468
-16000
0.1101
-32000
0.0734
16000
0.1835
32000
0.2202
7458000
-60715838000
3310000
234302000
472729000
-250042000
-501000000
0.0546
0.0592
0.0444
0.0296
0.074
0.0888
-1703000
-312000
0.0546
-144000
0.0592
462000
0.0444
923000
0.0296
-462000
0.074
-923000
0.0888
-5256000
-963000
0.0546
-444000
0.0592
1425000
0.0444
2850000
0.0296
-1425000
0.074
-2850000
0.0888
-6959000
-1275000
-588000
1887000
3773000
-1887000
-3773000
The table below shows the Company's
financial liabilities by group of maturity based on the remaining period at the balance sheet date up to the contract maturity date.<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Note</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Book<br/>
value</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Contractual value</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Less than one<br/>
year</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">From one to two years</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">From three to five years</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Above<br/>
five years</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">At June 30, 2025</td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2" style="text-align: right"> </td><td> </td><td> </td>
<td colspan="2" style="text-align: right"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; width: 16%; text-align: left">Derivative financial instruments</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: center">7</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">33,124</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">33,124</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">15,492</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">17,632</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-374">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-375">—</div></td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Lease payables</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center">15</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">352,539</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">635,192</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">88,397</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">144,367</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">248,148</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">154,280</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Trade payable</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center">16</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">103,658</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">103,658</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">103,658</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-376">—</div></td><td style="text-align: left"></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-377">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-378">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Loans, financing and debentures</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center">17</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">885,519</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,058,791</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">402,928</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">262,410</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">329,643</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">63,810</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Other liabilities</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center">19</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">24,445</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">24,445</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,082</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17,363</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-379">—</div></td><td style="text-align: left"></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-380">—</div></td><td style="text-align: left"></td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Transactions with related parties</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center">30</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,401</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,401</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-381">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,401</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-382">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-383">—</div></td><td style="text-align: left"></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">At June 30, 2024</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Derivative financial instruments</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center">7</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">87,068</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">87,068</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">69,190</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17,878</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-384">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-385">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Lease payables</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center">15</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">286,605</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">444,021</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">75,481</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">126,840</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">174,720</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">66,980</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Trade payable</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center">16</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">67,192</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">67,192</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">67,192</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-386">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-387">—</div></td><td style="text-align: left"></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-388">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Loans, financing and debentures</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center">17</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">681,938</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">904,321</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">205,253</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">61,007</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">537,641</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">100,420</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Other liabilities</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center">19</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32,913</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32,913</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,357</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">24,556</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-389">—</div></td><td style="text-align: left"> </td><td></td>
<td style="text-align: left"></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-390">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Transactions with related parties</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center">30</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,275</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,275</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-391">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,275</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-392">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-393">—</div></td><td style="text-align: left"> </td></tr>
</table>
33124000
33124000
15492000
17632000
352539000
635192000
88397000
144367000
248148000
154280000
103658000
103658000
103658000
885519000
1058791000
402928000
262410000
329643000
63810000
24445000
24445000
7082000
17363000
8401000
8401000
8401000
87068000
87068000
69190000
17878000
286605000
444021000
75481000
126840000
174720000
66980000
67192000
67192000
67192000
681938000
904321000
205253000
61007000
537641000
100420000
32913000
32913000
8357000
24556000
9275000
9275000
9275000
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The following
table demonstrates the financial debts.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: left">Total derivatives (Note 7)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">(7,458</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">48,593</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Loans, financing and debentures (Note 17)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">885,519</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">681,938</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Total acquisitions payable (Note 19)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">24,445</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">32,913</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">902,506</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">763,444</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Less: cash and cash equivalents (Note 6.1)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(142,908</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(170,953</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Less: marketable securities (Notes 6.2)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(16,908</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(38,661</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(159,816</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(209,614</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Net debt (net cash)</td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">742,690</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">553,830</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Total equity</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,177,728</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,179,679</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Leverage ratio</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">34.10</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">25.41</td><td style="text-align: left">%</td></tr>
</table>
7458000
-48593000
885519000
681938000
24445000
32913000
902506000
763444000
142908000
170953000
16908000
38661000
159816000
209614000
742690000
553830000
2177728000
2179679000
0.341
0.2541
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-size: 10pt">The
following table presents the Company’s assets and liabilities, their classification and the fair value, as well as the level</span>
of <span style="font-size: 10pt">hierarchy:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-size: 10pt"> </span></p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="21" style="border-bottom: Black 1.5pt solid; text-align: center"><b>June 30, 2025</b></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid; padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">Consolidated - R$ thousand</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Note</td><td style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Book value</td><td style="text-align: center; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fair value</td><td style="text-align: center; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; text-align: center"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Quoted prices in active markets </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>(Level 1)</b></p></td><td style="text-align: center"> </td><td style="border-bottom: Black 1.5pt solid; text-align: center"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Significant observable data</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>(Level 2)</b></p></td><td style="text-align: center"> </td><td style="border-bottom: Black 1.5pt solid; text-align: center"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Significant non-observable data</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>(Level 3)</b></p></td><td style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">Financial assets measured at amortized cost</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Current</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; width: 28%; text-align: left">Cash and cash equivalents</td><td style="width: 1%"> </td>
<td style="width: 11%; text-align: center">6.1</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">125,614</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">125,614</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">125,614</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-394">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-395">—</div></td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Trade receivables, net</td><td> </td>
<td style="text-align: center">8.1</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">149,639</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">149,639</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-396">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">149,639</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-397">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Non-current</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Related-party transactions</td><td> </td>
<td style="text-align: center">30</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,822</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,822</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-398">—</div></td><td style="text-align: left"></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,822</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-399">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">Financial assets measured at fair value through profit or loss</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Current</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Marketable securities</td><td> </td>
<td style="text-align: center">6.2</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,908</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,908</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,908</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-400">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-401">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Receivables from sale of farm, net</td><td> </td>
<td style="text-align: center">8.1</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">235,419</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">235,419</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-402">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">235,419</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-403">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Derivative operations (b)</td><td> </td>
<td style="text-align: center">7</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">13,813</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">13,813</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">13,813</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-404">—</div></td><td style="text-align: left"></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Derivative operations (b)</td><td> </td>
<td style="text-align: center">7</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,796</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,796</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-405">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,796</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-406">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Non-current</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Receivables from sale of farm, net</td><td> </td>
<td style="text-align: center">8.1</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">521,210</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">521,210</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-407">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">521,210</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-408">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Derivative operations (b)</td><td> </td>
<td style="text-align: center">7</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,973</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,973</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-409">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,973</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-410">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">Non-financial assets measured at fair value</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Current</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Biological assets</td><td> </td>
<td style="text-align: center">10</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">26,859</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">26,859</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-411">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">26,859</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-412">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Biological assets</td><td> </td>
<td style="text-align: center">10</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">238,581</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">238,581</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-413">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-414">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">238,581</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Non-current</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Biological assets</td><td> </td>
<td style="text-align: center">10</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32,345</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32,345</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-415">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32,345</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-416">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">Non-financial assets measured at cost</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Non-current</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Investment properties</td><td> </td>
<td style="text-align: center">11</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,323,834</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,615,837</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-417">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-418">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,615,837</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">Total</td><td> </td>
<td style="text-align: center"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">2,713,813</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">5,005,816</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">156,335</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">995,063</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">3,854,418</td><td style="font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">Financial liabilities measured at amortized cost</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Current</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Trade payables</td><td> </td>
<td style="text-align: center">16</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">103,659</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">103,659</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-419">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">103,659</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-420">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Loans, financing and debentures (a)</td><td> </td>
<td style="text-align: center">17</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">355,841</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">355,841</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-421">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">355,841</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-422">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Accounts payable due to acquisition of farm</td><td> </td>
<td style="text-align: center">19</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,305</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,305</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-423">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,305</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-424">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Non-current</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Related-party transactions</td><td> </td>
<td style="text-align: center">30</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,401</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,401</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-425">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,401</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-426">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Loans, financing and debentures (a)</td><td> </td>
<td style="text-align: center">17</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">529,678</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">529,678</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-427">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">529,678</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-428">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">Financial liabilities measured at fair value through profit or loss</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Current</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Leases payable and associated liabilities</td><td> </td>
<td style="text-align: center">15</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">82,330</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">82,330</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-429">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">82,330</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-430">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Derivative operations (b)</td><td> </td>
<td style="text-align: center">7</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">13,520</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">13,520</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">13,520</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-431">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-432">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Derivative operations (b)</td><td> </td>
<td style="text-align: center">7</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,972</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,972</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-433">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,972</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-434">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Accounts payable due to acquisition of farm</td><td> </td>
<td style="text-align: center">19</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,777</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,777</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-435">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,777</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-436">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Non-current</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Leases payable and associated liabilities</td><td> </td>
<td style="text-align: center">15</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">343,454</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">343,454</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-437">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">343,454</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-438">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Derivative operations (b)</td><td> </td>
<td style="text-align: center">7</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">202</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">202</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">202</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-439">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-440">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Derivative operations (b)</td><td> </td>
<td style="text-align: center">7</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17,430</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17,430</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-441">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17,430</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-442">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Accounts payable due to acquisition of farm</td><td> </td>
<td style="text-align: center">19</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">17,363</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">17,363</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-443">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">17,363</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-444">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">Total</td><td> </td>
<td style="text-align: center"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">1,480,932</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">1,480,932</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">13,722</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">1,467,210</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-445">—</div></td><td style="font-weight: bold; text-align: left"> </td></tr>
</table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="22" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30, 2024</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid; padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">Consolidated - R$ thousand</td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Note</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Book value</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fair value</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Quoted prices in active markets<br/>
(Level 1)</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Significant observable data</p>
<p style="margin-top: 0; margin-bottom: 0">(Level 2)</p></td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Significant non-observable<br/>
data <br/>
(Level 3)</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">Financial assets measured at amortized cost</td><td> </td>
<td colspan="2" style="text-align: center"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Current</td><td> </td>
<td colspan="2" style="text-align: center"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.25in; text-indent: -0.125in; width: 40%; text-align: left">Cash and cash equivalents</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: center"> </td><td style="width: 7%; text-align: center"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">153,132</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">153,132</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">153,132</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-446">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-447">—</div></td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Trade accounts receivables, net</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">8.1</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">107,256</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">107,256</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-448">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">107,256</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-449">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Non-current</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Transactions with related parties</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">30</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,968</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,968</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-450">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,968</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-451">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in"> </td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">Financial assets measured at fair value through profit and loss</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Current</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Marketable securities</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">6.2</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">22,941</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">22,941</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">22,941</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-452">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-453">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Receivables from sale of farm, net</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">8.1</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">249,327</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">249,327</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-454">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-455">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">249,327</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Derivative financial instruments (b)</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">7</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">31,718</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">31,718</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">29,873</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,845</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-456">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Noncurrent</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Marketable securities</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">6.2</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,720</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,720</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,720</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-457">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-458">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Receivables from sale of farm, net</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">8.1</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">520,758</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">520,758</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-459">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-460">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">520,758</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Derivative financial instruments (b)</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">7</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,757</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,757</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">738</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,019</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-461">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in"> </td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">Non-financial assets measured at fair value</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Current</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Biological assets</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">10</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">210,335</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">210,335</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-462">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14,664</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">195,671</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Noncurrent</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Biological assets</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">10</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">26,930</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">26,930</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-463">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">26,930</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-464">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"> </td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">Non-financial assets measured at cost</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Noncurrent</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Investment properties</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">11</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,267,828</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,841,656</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-465">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-466">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,841,656</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">Total</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">2,615,670</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">4,189,498</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">222,404</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">159,682</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">3,807,412</td><td style="font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"> </td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">Financial liabilities measured at amortized cost</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Current</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Trade payables</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">16</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">67,192</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">67,192</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-467">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">67,192</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-468">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Loans, financing and debentures (a)</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">17</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">177,311</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">177,311</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-469">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">177,311</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-470">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Noncurrent</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Transactions with related parties</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">30</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,275</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,275</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-471">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,275</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-472">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Loans, financing and debentures (a)</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">17</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">504,627</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">504,627</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-473">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">504,627</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-474">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"> </td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">Financial liabilities measured at fair value through profit and loss</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Current</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Lease payable</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">77,456</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">77,456</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-475">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">77,456</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-476">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Derivative financial instruments (b)</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">7</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">69,190</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">69,190</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">36,901</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32,289</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-477">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Accounts payable for acquisition</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">19</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,357</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,357</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,357</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-478">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-479">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Noncurrent</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Lease payable</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">7</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">284,604</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">284,604</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-480">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">284,604</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-481">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Derivative financial instruments (b)</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">15</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17,878</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17,878</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,493</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,385</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-482">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Accounts payable for acquisition</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">24,556</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">24,556</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">24,556</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-483">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-484">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.25in; text-indent: -0.125in; font-weight: bold; text-align: left">Total</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">1,240,446</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">1,240,446</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">71,307</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">1,169,139</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-485">—</div></td><td style="font-weight: bold; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(a)</td><td style="text-align: justify">The book value of loans and financing presented in the financial
statements approximates the fair value, since the rates of these instruments are substantially subsidized and there is no intention of
early settlement;</td>
</tr></table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(b)</td><td style="text-align: justify">The derivative transactions negotiated at active market are
measured at fair value at Level 1, over-the-counter transactions are measured at Level 2, as presented in the table above</td>
</tr></table>
125614000
125614000
125614000
149639000
149639000
149639000
2822000
2822000
2822000
16908000
16908000
16908000
235419000
235419000
235419000
13813000
13813000
13813000
15796000
15796000
15796000
521210000
521210000
521210000
10973000
10973000
10973000
26859000
26859000
26859000
238581000
238581000
238581000
32345000
32345000
32345000
1323834000
3615837000
3615837000
2713813000
5005816000
156335000
995063000
3854418000
103659000
103659000
103659000
355841000
355841000
355841000
1305000
1305000
1305000
8401000
8401000
8401000
529678000
529678000
529678000
82330000
82330000
82330000
13520000
13520000
13520000
1972000
1972000
1972000
5777000
5777000
5777000
343454000
343454000
343454000
202000
202000
202000
17430000
17430000
17430000
17363000
17363000
17363000
1480932000
1480932000
13722000
1467210000
153132000
153132000
153132000
107256000
107256000
107256000
2968000
2968000
2968000
22941000
22941000
22941000
249327000
249327000
249327000
31718000
31718000
29873000
1845000
15720000
15720000
15720000
520758000
520758000
520758000
6757000
6757000
738000
6019000
210335000
210335000
14664000
195671000
26930000
26930000
26930000
1267828000
2841656000
2841656000
2615670000
4189498000
222404000
159682000
3807412000
67192000
67192000
67192000
177311000
177311000
177311000
9275000
9275000
9275000
504627000
504627000
504627000
77456000
77456000
77456000
69190000
69190000
36901000
32289000
8357000
8357000
8357000
284604000
284604000
284604000
17878000
17878000
1493000
16385000
24556000
24556000
24556000
1240446000
1240446000
71307000
1169139000
The significant non-observable
inputs used in the measurement of the fair value of biological assets and investment properties are disclosed in Notes 10 and 11, respectively:<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; width: 20%; font-weight: bold; text-align: left">Description</td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 15%; font-weight: bold; text-align: center; padding-left: 3.5pt">Evaluation<br/> method</td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 15%; font-weight: bold; text-align: center; padding-left: 3.5pt">Significant non-observable inputs</td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 19%; font-weight: bold; text-align: center; padding-left: 3.5pt">Variation of non-observable inputs</td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 27%; font-weight: bold; text-align: center; padding-left: 3.5pt">Sensitivity of inputs to fair value</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; padding-bottom: 1.5pt">Receivables from sale of farm</td><td style="text-align: center; padding-bottom: 1.5pt; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center; padding-bottom: 1.5pt; padding-left: 3.5pt">Discounted cash flow</td><td style="text-align: center; padding-bottom: 1.5pt; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center; padding-bottom: 1.5pt; padding-left: 3.5pt"> Premium (or Basis)</td><td style="text-align: center; padding-bottom: 1.5pt; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center; padding-bottom: 1.5pt; padding-left: 3.5pt">0.53 - 0.97 USD/bu</td><td style="text-align: center; padding-bottom: 1.5pt; vertical-align: top"> </td> <td style="vertical-align: top; text-align: justify; padding-bottom: 1.5pt; padding-left: 3.5pt">The increase or decrease of 0.20 USD/bu in the premium (or basis) paid for the soybean would result in an impact of R$12,960, representing an increase or decrease of 1.71% in the receivables from the farm.</td></tr> </table>
Receivables from sale of farm
Discounted cash flow
Premium (or Basis)
0.53 - 0.97 USD/bu
The increase or decrease of 0.20 USD/bu in the premium (or basis) paid for the soybean would result in an impact of R$12,960, representing an increase or decrease of 1.71% in the receivables from the farm.
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>6.</b></td><td style="text-align: justify"><b>Cash and cash equivalents and marketable securities</b></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: 0in"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>6.1. Cash and cash equivalents </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: 0in"><b> </b></p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Return</td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 60%; text-align: left">Cash and banks (a)</td><td style="width: 1%"> </td>
<td style="width: 15%; text-align: center"><div style="-sec-ix-hidden: hidden-fact-486">-</div></td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">17,294</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">17,821</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Selic Treasury Notes</td><td> </td>
<td style="text-align: center">CDI - 102%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-487">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,058</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Bank deposit certificates</td><td> </td>
<td style="text-align: center">CDI - 95% to 103%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">91,868</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">80,398</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Demand deposits</td><td> </td>
<td style="text-align: center">CDI - 70% and 95%</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">33,746</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">67,676</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">142,908</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">170,953</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(a)</td><td style="text-align: justify">The balance includes foreign currency of R$3,430 (R$4,695 on
June 30, 2024) in the Parent Company and R$14,023 (R$16,954 on June 30, 2024) in the Consolidated.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>6.2. Marketable securities</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Indexer</td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2024</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Selic Treasury Notes</td><td style="width: 1%"> </td> <td style="width: 15%; text-align: center">Selic - 100% to 178%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">16,908</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">22,805</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Other titles</td><td> </td> <td style="text-align: center">Pre-fixed</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-488">—</div></td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">136</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Total current</td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">16,908</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">22,941</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: center"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Bank deposit certificates (a)</td><td> </td> <td style="text-align: center">CDI - 97% to 102%</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-489">—</div></td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">15,720</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">Total noncurrent</td><td> </td> <td> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-490">—</div></td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">15,720</td><td style="text-align: left"> </td></tr> </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b> </b></p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(a)</td><td style="text-align: justify">The investments are held for the payment of financing lines
contracted from BNB and cannot be redeemed until the settlement date of contracts whose term is longer than 12 months.</td>
</tr></table>
Cash and cash equivalents<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Return</td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 60%; text-align: left">Cash and banks (a)</td><td style="width: 1%"> </td>
<td style="width: 15%; text-align: center"><div style="-sec-ix-hidden: hidden-fact-486">-</div></td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">17,294</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">17,821</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Selic Treasury Notes</td><td> </td>
<td style="text-align: center">CDI - 102%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-487">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,058</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Bank deposit certificates</td><td> </td>
<td style="text-align: center">CDI - 95% to 103%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">91,868</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">80,398</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Demand deposits</td><td> </td>
<td style="text-align: center">CDI - 70% and 95%</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">33,746</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">67,676</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">142,908</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">170,953</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(a)</td><td style="text-align: justify">The balance includes foreign currency of R$3,430 (R$4,695 on
June 30, 2024) in the Parent Company and R$14,023 (R$16,954 on June 30, 2024) in the Consolidated.</td>
</tr></table>
17294000
17821000
102
5058000
95
103
91868000
80398000
70
95
33746000
67676000
142908000
170953000
3430000
4695000
14023000
16954000
Marketable securities<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Indexer</td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2024</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Selic Treasury Notes</td><td style="width: 1%"> </td> <td style="width: 15%; text-align: center">Selic - 100% to 178%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">16,908</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">22,805</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Other titles</td><td> </td> <td style="text-align: center">Pre-fixed</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-488">—</div></td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">136</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Total current</td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">16,908</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">22,941</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: center"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Bank deposit certificates (a)</td><td> </td> <td style="text-align: center">CDI - 97% to 102%</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-489">—</div></td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">15,720</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">Total noncurrent</td><td> </td> <td> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-490">—</div></td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">15,720</td><td style="text-align: left"> </td></tr> </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b> </b></p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(a)</td><td style="text-align: justify">The investments are held for the payment of financing lines
contracted from BNB and cannot be redeemed until the settlement date of contracts whose term is longer than 12 months.</td>
</tr></table>
Selic - 100% to 178%
16908000
22805000
Pre-fixed
136000
16908000
22941000
CDI - 97% to 102%
15720000
15720000
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 0.25in"><b>7.</b></td><td style="text-align: left"><b>Derivative financial instruments</b></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td>
<td colspan="26" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt"><b>2025</b></span></td><td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td>
<td colspan="26" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt"><b>Consolidated</b></span></td><td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-size: 9pt"> </span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 9pt"> </span></td>
<td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Book
Value</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 9pt"> </span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 9pt"> </span></td>
<td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Volume
/ Position</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 9pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt"> </span></td>
<td colspan="2" style="padding-bottom: 1.5pt; text-align: center"></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid; padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left"><span style="font-size: 9pt">Derivative
instruments</span></td><td style="text-align: center; font-weight: bold"><span style="font-size: 9pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Long</span></td><td style="text-align: center; font-weight: bold"><span style="font-size: 9pt"> </span></td><td style="text-align: center; font-weight: bold"><span style="font-size: 9pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Short</span></td><td style="text-align: center; font-weight: bold"><span style="font-size: 9pt"> </span></td><td style="text-align: center; font-weight: bold"><span style="font-size: 9pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Net</span></td><td style="text-align: center; font-weight: bold"><span style="font-size: 9pt"> </span></td><td style="text-align: center; font-weight: bold"><span style="font-size: 9pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Long</span></td><td style="text-align: center; font-weight: bold"><span style="font-size: 9pt"> </span></td><td style="text-align: center; font-weight: bold"><span style="font-size: 9pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Short</span></td><td style="text-align: center; font-weight: bold"><span style="font-size: 9pt"> </span></td><td style="text-align: center; font-weight: bold"><span style="font-size: 9pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Net</span></td><td style="text-align: center; font-weight: bold"><span style="font-size: 9pt"> </span></td><td style="text-align: center; font-weight: bold"><span style="font-size: 9pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Unit</span></td><td style="text-align: center; font-weight: bold"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; width: 30%; text-align: left"><span style="font-size: 9pt">Options</span></td><td style="width: 1%"><span style="font-size: 9pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-size: 9pt"> </span></td><td style="width: 7%; text-align: right"><span style="font-size: 9pt">652</span></td><td style="width: 1%; text-align: left"><span style="font-size: 9pt"> </span></td><td style="width: 1%"><span style="font-size: 9pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-size: 9pt"> </span></td><td style="width: 7%; text-align: right"><span style="font-size: 9pt">(720</span></td><td style="width: 1%; text-align: left"><span style="font-size: 9pt">)</span></td><td style="width: 1%"><span style="font-size: 9pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-size: 9pt"> </span></td><td style="width: 7%; text-align: right"><span style="font-size: 9pt">(68</span></td><td style="width: 1%; text-align: left"><span style="font-size: 9pt">)</span></td><td style="width: 1%"><span style="font-size: 9pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-size: 9pt"> </span></td><td style="width: 7%; text-align: right"><span style="font-size: 9pt">3,800</span></td><td style="width: 1%; text-align: left"><span style="font-size: 9pt"> </span></td><td style="width: 1%"><span style="font-size: 9pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-size: 9pt"> </span></td><td style="width: 7%; text-align: right"><span style="font-size: 9pt">(7,600</span></td><td style="width: 1%; text-align: left"><span style="font-size: 9pt">)</span></td><td style="width: 1%"><span style="font-size: 9pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-size: 9pt"> </span></td><td style="width: 7%; text-align: right"><span style="font-size: 9pt">(3,800</span></td><td style="width: 1%; text-align: left"><span style="font-size: 9pt">)</span></td><td style="width: 1%"><span style="font-size: 9pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-size: 9pt"> </span></td><td style="width: 7%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">US$</span></td><td style="width: 1%; text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">NDF</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">17,692</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(1,565</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">16,127</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-491; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(74,615</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(74,615</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">US$</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">Soybean - Futures</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">1,224</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(1,906</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(682</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">1,463,970</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(2,829,650</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(1,365,680</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">bags</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">Soybean - Structured products</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-492; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(810</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(810</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-493; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(560,161</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(560,161</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">bags</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">Basis - Futures</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-494; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(876</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(876</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-495; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(233,589</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(233,589</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">bags</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">Corn - Put Options</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">3,623</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-496; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">3,623</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">216,354</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-497; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">216,354</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">bags</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">Corn - Futures</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">3,978</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-498; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">3,978</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-499; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(607,050</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(607,050</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">bags</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">Corn - Structured products</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">591</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-500; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">591</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-501; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(88,446</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(88,446</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">bags</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">Cotton - Structured products</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">1,050</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-502; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">1,050</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-503; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(10,330,050</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(10,330,050</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">lbs.</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">Cotton - Call Options</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-504; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(11</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(11</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-505; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(6,350,000</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(6,350,000</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">lbs.</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">Cotton - Futures</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">2,293</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(141</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">2,152</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-506; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(10,922,350</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(10,922,350</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">lbs.</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">Fattened cattle - Futures</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">23</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-507; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">23</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-508; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(1,650</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(1,650</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">@</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">Ethanol - Futures</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">4</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(7,181</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(7,177</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-509; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(58,800</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(58,800</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">M^3</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">TRS - Future</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">526</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(512</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">14</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-510; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(30,336,000</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(30,336,000</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">kg</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">Swap</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">8,496</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(19,402</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(10,906</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">531,741,790</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(531,741,790</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-511; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">R$</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">Margin deposited</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 9pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt">430</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 9pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-512; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 9pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt">430</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-513; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-514; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-515; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: center"><span style="font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">Total Risks - Derivatives</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="border-bottom: Black 4pt double; text-align: left"><span style="font-size: 9pt"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-size: 9pt">40,582</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="border-bottom: Black 4pt double; text-align: left"><span style="font-size: 9pt"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-size: 9pt">(33,124</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="border-bottom: Black 4pt double; text-align: left"><span style="font-size: 9pt"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-size: 9pt">7,458</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">Total - Current</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">29,609</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(15,492</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">Total - non-current</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">10,973</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(17,632</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">Results on June 30, 2025
(Note 26)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">Realized</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">69,737</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(112,456</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">Unrealized</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">110,798</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(47,080</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<table cellpadding="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt; font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="25" style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="9" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Book Value</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Volume / Position</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-size: 10pt; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-size: 10pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; font-size: 10pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Derivative instruments</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Assets</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Liabilities</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Net</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Assets</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Liabilities</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Net</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Unit</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 44%; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Options</td><td style="width: 1%"> </td>
<td style="width: 7%; text-align: right">1,192</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right">(17,654</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right">(16,462</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right">23,800</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right">(44,100</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right">(20,300</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">US$</span></td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">NDF</td><td> </td>
<td style="text-align: right">1,100</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(21,478</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(20,378</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17,000</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(66,160</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(49,160</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">US$</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Dóllar - Acumulator</td><td> </td>
<td style="text-align: right">1,433</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(27,737</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(26,304</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,000</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(40,000</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(38,000</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">U$$</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"> </td><td> </td>
<td style="text-align: right"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Swap</td><td> </td>
<td style="text-align: right">6,020</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(9,543</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,523</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">300,000,000</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(300,000,000</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-516">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">R$</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"> </td><td> </td>
<td style="text-align: right"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Soybean – Options Put</td><td> </td>
<td style="text-align: right">10,561</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-517">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,561</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">891,268</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-518">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">891,268</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">scs.</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Soybean - Options Call</td><td> </td>
<td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-519">—</div></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,794</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,794</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-520">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,782,536</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,782,536</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">scs.</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Soybean - Future</td><td> </td>
<td style="text-align: right">526</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-521">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">526</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">167,821</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,118,178</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,950,357</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">scs.</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Soybean - Accumulator</td><td> </td>
<td style="text-align: right">2,295</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-522">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,295</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-523">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(458,107</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(458,107</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">scs.</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"> </td><td> </td>
<td style="text-align: right"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Corn - Options Call</td><td> </td>
<td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-524">—</div></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(93</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(93</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-525">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(145,937</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(145,937</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">scs.</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Corn - Options Put</td><td> </td>
<td style="text-align: right">866</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-526">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">866</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">145,937</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-527">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">145,937</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">scs.</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Corn - Future</td><td> </td>
<td style="text-align: right">996</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(221</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">775</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">583,650</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(733,050</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(149,400</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">scs.</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Corn - Acumulator</td><td> </td>
<td style="text-align: right">651</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-528">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">651</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-529">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(181,429</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(181,429</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">scs.</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"> </td><td> </td>
<td style="text-align: right"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Cotton - Accumulator</td><td> </td>
<td style="text-align: right">3,244</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-530">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,244</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-531">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(8,813,700</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(8,813,700</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">lbs.</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Cotton – Options Call</td><td> </td>
<td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-532">—</div></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(980</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(980</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-533">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(7,450,000</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(7,450,000</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">lbs.</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Cotton – Options Put</td><td> </td>
<td style="text-align: right">590</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(254</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">336</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,100,000</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,100,000</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-534">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">lbs.</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Cotton - Future</td><td> </td>
<td style="text-align: right">903</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,204</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(301</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,000,000</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(8,350,000</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(7,350,000</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">lbs.</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"> </td><td> </td>
<td style="text-align: right"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Beef cattle - Future</td><td> </td>
<td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-535">—</div></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-536">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-537">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-538">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,600</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,600</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">@</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"> </td><td> </td>
<td style="text-align: right"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Ethanol - Options Call</td><td> </td>
<td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-539">—</div></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,008</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,008</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-540">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(9,000</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(9,000</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">m^3</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Ethanol - Future</td><td> </td>
<td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-541">—</div></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,911</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,911</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-542">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(16,920</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(16,920</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">m^3</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"> </td><td> </td>
<td style="text-align: right"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">ATR - Future</td><td> </td>
<td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-543">—</div></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(191</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(191</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-544">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,500,000</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,500,000</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">kg</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"> </td><td> </td>
<td style="text-align: right"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Deposited margin</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: right">8,098</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-545">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">8,098</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-546">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-547">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-548">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.125in">Total Derivative Risks</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: right">38,475</td><td style="padding-bottom: 4pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">(87,068</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">(48,593</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Total Current</td><td> </td>
<td style="text-align: right">31,718</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(69,190</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Total Noncurrent</td><td> </td>
<td style="text-align: right">6,757</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(17,878</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: center; text-indent: -0.125in; padding-left: 0.125in"> </td><td> </td>
<td style="text-align: right"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Result in June 30, 2024 (Note 26)</td><td> </td>
<td style="text-align: right"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Realized</td><td> </td>
<td style="text-align: right">99,909</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(41,950</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Nonrealized</td><td> </td>
<td style="text-align: right">48,288</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(130,888</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Derivatives
by maturity:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom; ">
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Maturity</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td>
<td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6/30/2025</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td>
<td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6/30/2024</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: left">2024</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-549">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">9,002</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">2025</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,836</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">35,541</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,485</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">528</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">2027</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,559</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-550">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">2028</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,450</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,020</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">2030</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(15,754</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">9,542</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">7,458</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">48,593</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company uses derivative financial
instruments such as forward currency contracts and forward commodities contracts to hedge against currency risk and commodities prices,
respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The margin deposits in operations with
derivatives refer to the so-called margins by counterparties in operations with derivative instruments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The total fair value of a derivative
is classified as non-current assets or liabilities if the remaining maturity of the derivative is over 12 months, and as current assets
or liabilities if the remaining maturity of the derivative is less than 12 months.</p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td>
<td colspan="26" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt"><b>2025</b></span></td><td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td>
<td colspan="26" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt"><b>Consolidated</b></span></td><td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-size: 9pt"> </span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 9pt"> </span></td>
<td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Book
Value</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 9pt"> </span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 9pt"> </span></td>
<td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Volume
/ Position</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 9pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt"> </span></td>
<td colspan="2" style="padding-bottom: 1.5pt; text-align: center"></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid; padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left"><span style="font-size: 9pt">Derivative
instruments</span></td><td style="text-align: center; font-weight: bold"><span style="font-size: 9pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Long</span></td><td style="text-align: center; font-weight: bold"><span style="font-size: 9pt"> </span></td><td style="text-align: center; font-weight: bold"><span style="font-size: 9pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Short</span></td><td style="text-align: center; font-weight: bold"><span style="font-size: 9pt"> </span></td><td style="text-align: center; font-weight: bold"><span style="font-size: 9pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Net</span></td><td style="text-align: center; font-weight: bold"><span style="font-size: 9pt"> </span></td><td style="text-align: center; font-weight: bold"><span style="font-size: 9pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Long</span></td><td style="text-align: center; font-weight: bold"><span style="font-size: 9pt"> </span></td><td style="text-align: center; font-weight: bold"><span style="font-size: 9pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Short</span></td><td style="text-align: center; font-weight: bold"><span style="font-size: 9pt"> </span></td><td style="text-align: center; font-weight: bold"><span style="font-size: 9pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Net</span></td><td style="text-align: center; font-weight: bold"><span style="font-size: 9pt"> </span></td><td style="text-align: center; font-weight: bold"><span style="font-size: 9pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Unit</span></td><td style="text-align: center; font-weight: bold"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; width: 30%; text-align: left"><span style="font-size: 9pt">Options</span></td><td style="width: 1%"><span style="font-size: 9pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-size: 9pt"> </span></td><td style="width: 7%; text-align: right"><span style="font-size: 9pt">652</span></td><td style="width: 1%; text-align: left"><span style="font-size: 9pt"> </span></td><td style="width: 1%"><span style="font-size: 9pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-size: 9pt"> </span></td><td style="width: 7%; text-align: right"><span style="font-size: 9pt">(720</span></td><td style="width: 1%; text-align: left"><span style="font-size: 9pt">)</span></td><td style="width: 1%"><span style="font-size: 9pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-size: 9pt"> </span></td><td style="width: 7%; text-align: right"><span style="font-size: 9pt">(68</span></td><td style="width: 1%; text-align: left"><span style="font-size: 9pt">)</span></td><td style="width: 1%"><span style="font-size: 9pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-size: 9pt"> </span></td><td style="width: 7%; text-align: right"><span style="font-size: 9pt">3,800</span></td><td style="width: 1%; text-align: left"><span style="font-size: 9pt"> </span></td><td style="width: 1%"><span style="font-size: 9pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-size: 9pt"> </span></td><td style="width: 7%; text-align: right"><span style="font-size: 9pt">(7,600</span></td><td style="width: 1%; text-align: left"><span style="font-size: 9pt">)</span></td><td style="width: 1%"><span style="font-size: 9pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-size: 9pt"> </span></td><td style="width: 7%; text-align: right"><span style="font-size: 9pt">(3,800</span></td><td style="width: 1%; text-align: left"><span style="font-size: 9pt">)</span></td><td style="width: 1%"><span style="font-size: 9pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-size: 9pt"> </span></td><td style="width: 7%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">US$</span></td><td style="width: 1%; text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">NDF</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">17,692</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(1,565</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">16,127</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-491; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(74,615</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(74,615</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">US$</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">Soybean - Futures</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">1,224</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(1,906</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(682</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">1,463,970</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(2,829,650</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(1,365,680</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">bags</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">Soybean - Structured products</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-492; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(810</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(810</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-493; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(560,161</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(560,161</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">bags</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">Basis - Futures</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-494; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(876</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(876</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-495; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(233,589</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(233,589</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">bags</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">Corn - Put Options</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">3,623</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-496; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">3,623</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">216,354</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-497; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">216,354</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">bags</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">Corn - Futures</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">3,978</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-498; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">3,978</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-499; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(607,050</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(607,050</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">bags</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">Corn - Structured products</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">591</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-500; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">591</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-501; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(88,446</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(88,446</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">bags</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">Cotton - Structured products</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">1,050</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-502; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">1,050</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-503; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(10,330,050</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(10,330,050</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">lbs.</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">Cotton - Call Options</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-504; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(11</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(11</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-505; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(6,350,000</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(6,350,000</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">lbs.</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">Cotton - Futures</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">2,293</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(141</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">2,152</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-506; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(10,922,350</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(10,922,350</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">lbs.</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">Fattened cattle - Futures</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">23</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-507; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">23</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-508; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(1,650</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(1,650</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">@</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">Ethanol - Futures</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">4</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(7,181</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(7,177</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-509; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(58,800</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(58,800</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">M^3</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">TRS - Future</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">526</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(512</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">14</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-510; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(30,336,000</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(30,336,000</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">kg</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">Swap</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">8,496</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(19,402</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(10,906</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">531,741,790</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(531,741,790</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-511; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">R$</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">Margin deposited</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 9pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt">430</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 9pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-512; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 9pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt">430</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-513; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-514; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-515; font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt"> </span></td><td style="padding-bottom: 1.5pt; text-align: center"><span style="font-size: 9pt">— </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">Total Risks - Derivatives</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="border-bottom: Black 4pt double; text-align: left"><span style="font-size: 9pt"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-size: 9pt">40,582</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="border-bottom: Black 4pt double; text-align: left"><span style="font-size: 9pt"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-size: 9pt">(33,124</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="border-bottom: Black 4pt double; text-align: left"><span style="font-size: 9pt"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-size: 9pt">7,458</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">Total - Current</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">29,609</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(15,492</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">Total - non-current</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">10,973</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(17,632</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">Results on June 30, 2025
(Note 26)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">Realized</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">69,737</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(112,456</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-size: 9pt">Unrealized</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">110,798</span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt">(47,080</span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: right"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td><td><span style="font-size: 9pt"> </span></td>
<td style="text-align: left"><span style="font-size: 9pt"> </span></td><td style="text-align: center"><span style="font-size: 9pt"> </span></td><td style="text-align: left"><span style="font-size: 9pt"> </span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<table cellpadding="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt; font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="25" style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="9" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Book Value</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Volume / Position</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-size: 10pt; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-size: 10pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; font-size: 10pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Derivative instruments</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Assets</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Liabilities</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Net</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Assets</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Liabilities</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Net</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Unit</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 44%; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Options</td><td style="width: 1%"> </td>
<td style="width: 7%; text-align: right">1,192</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right">(17,654</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right">(16,462</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right">23,800</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right">(44,100</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right">(20,300</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">US$</span></td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">NDF</td><td> </td>
<td style="text-align: right">1,100</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(21,478</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(20,378</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17,000</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(66,160</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(49,160</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">US$</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Dóllar - Acumulator</td><td> </td>
<td style="text-align: right">1,433</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(27,737</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(26,304</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,000</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(40,000</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(38,000</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">U$$</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"> </td><td> </td>
<td style="text-align: right"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Swap</td><td> </td>
<td style="text-align: right">6,020</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(9,543</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,523</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">300,000,000</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(300,000,000</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-516">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">R$</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"> </td><td> </td>
<td style="text-align: right"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Soybean – Options Put</td><td> </td>
<td style="text-align: right">10,561</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-517">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,561</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">891,268</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-518">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">891,268</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">scs.</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Soybean - Options Call</td><td> </td>
<td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-519">—</div></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,794</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,794</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-520">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,782,536</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,782,536</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">scs.</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Soybean - Future</td><td> </td>
<td style="text-align: right">526</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-521">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">526</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">167,821</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,118,178</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,950,357</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">scs.</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Soybean - Accumulator</td><td> </td>
<td style="text-align: right">2,295</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-522">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,295</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-523">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(458,107</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(458,107</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">scs.</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"> </td><td> </td>
<td style="text-align: right"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Corn - Options Call</td><td> </td>
<td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-524">—</div></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(93</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(93</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-525">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(145,937</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(145,937</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">scs.</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Corn - Options Put</td><td> </td>
<td style="text-align: right">866</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-526">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">866</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">145,937</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-527">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">145,937</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">scs.</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Corn - Future</td><td> </td>
<td style="text-align: right">996</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(221</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">775</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">583,650</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(733,050</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(149,400</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">scs.</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Corn - Acumulator</td><td> </td>
<td style="text-align: right">651</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-528">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">651</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-529">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(181,429</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(181,429</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">scs.</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"> </td><td> </td>
<td style="text-align: right"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Cotton - Accumulator</td><td> </td>
<td style="text-align: right">3,244</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-530">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,244</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-531">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(8,813,700</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(8,813,700</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">lbs.</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Cotton – Options Call</td><td> </td>
<td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-532">—</div></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(980</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(980</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-533">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(7,450,000</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(7,450,000</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">lbs.</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Cotton – Options Put</td><td> </td>
<td style="text-align: right">590</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(254</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">336</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,100,000</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,100,000</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-534">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">lbs.</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Cotton - Future</td><td> </td>
<td style="text-align: right">903</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,204</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(301</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,000,000</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(8,350,000</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(7,350,000</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">lbs.</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"> </td><td> </td>
<td style="text-align: right"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Beef cattle - Future</td><td> </td>
<td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-535">—</div></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-536">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-537">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-538">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,600</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,600</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">@</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"> </td><td> </td>
<td style="text-align: right"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Ethanol - Options Call</td><td> </td>
<td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-539">—</div></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,008</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,008</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-540">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(9,000</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(9,000</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">m^3</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Ethanol - Future</td><td> </td>
<td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-541">—</div></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,911</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,911</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-542">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(16,920</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(16,920</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">m^3</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"> </td><td> </td>
<td style="text-align: right"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">ATR - Future</td><td> </td>
<td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-543">—</div></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(191</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(191</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-544">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,500,000</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,500,000</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">kg</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"> </td><td> </td>
<td style="text-align: right"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Deposited margin</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: right">8,098</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-545">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">8,098</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-546">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-547">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-548">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.125in">Total Derivative Risks</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: right">38,475</td><td style="padding-bottom: 4pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">(87,068</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">(48,593</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Total Current</td><td> </td>
<td style="text-align: right">31,718</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(69,190</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Total Noncurrent</td><td> </td>
<td style="text-align: right">6,757</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(17,878</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: center; text-indent: -0.125in; padding-left: 0.125in"> </td><td> </td>
<td style="text-align: right"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Result in June 30, 2024 (Note 26)</td><td> </td>
<td style="text-align: right"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Realized</td><td> </td>
<td style="text-align: right">99,909</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(41,950</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Nonrealized</td><td> </td>
<td style="text-align: right">48,288</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(130,888</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
</table>
652000
-720000
-68000
3800000
-7600000
-3800000
17692000
-1565000
16127000
-74615000
-74615000
1224000
-1906000
-682000
1463970000
-2829650000
-1365680000
-810000
-810000
-560161000
-560161000
-876000
-876000
-233589000
-233589000
3623000
3623000
216354000
216354000
3978000
3978000
-607050000
-607050000
591000
591000
-88446000
-88446000
1050000
1050000
-10330050000
-10330050000
-11000
-11000
-6350000000
-6350000000
2293000
-141000
2152000
-10922350000
-10922350000
23000
23000
-1650000
-1650000
4000
-7181000
-7177000
-58800000
-58800000
526000
-512000
14000
-30336000000
-30336000000
8496000
-19402000
-10906000
531741790000
-531741790000
430000
430000
40582000
-33124000
7458000
29609000
-15492000
10973000
-17632000
69737000
-112456000
110798000
-47080000
1192000
-17654000
-16462000
23800000
-44100000
-20300000
1100000
-21478000
-20378000
17000000
-66160000
-49160000
1433000
-27737000
-26304000
2000000
-40000000
-38000000
6020000
-9543000
-3523000
300000000000
-300000000000
10561000
10561000
891268000
891268000
-2794000
-2794000
-1782536000
-1782536000
526000
526000
167821000
-2118178000
-1950357000
2295000
2295000
-458107000
-458107000
-93000
-93000
-145937000
-145937000
866000
866000
145937000
145937000
996000
-221000
775000
583650000
-733050000
-149400000
651000
651000
-181429000
-181429000
3244000
3244000
-8813700000
-8813700000
-980000
-980000
-7450000000
-7450000000
590000
-254000
336000
1100000000
-1100000000
903000
-1204000
-301000
1000000000
-8350000000
-7350000000
-6600000
-6600000
-3008000
-3008000
-9000000
-9000000
-1911000
-1911000
-16920000
-16920000
-191000
-191000
-1500000000
-1500000000
8098000
8098000
38475000
-87068000
-48593000
31718000
-69190000
6757000
-17878000
99909000
-41950000
48288000
-130888000
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Derivatives
by maturity:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom; ">
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Maturity</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td>
<td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6/30/2025</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td>
<td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6/30/2024</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: left">2024</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-549">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">9,002</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">2025</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,836</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">35,541</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,485</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">528</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">2027</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,559</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-550">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">2028</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,450</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,020</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">2030</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(15,754</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">9,542</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">7,458</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">48,593</td><td style="text-align: left"> </td></tr>
</table>
9002000
8836000
35541000
7485000
528000
-1559000
8450000
-6020000
-15754000
9542000
7458000
48593000
P12M
P12M
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>8.</b></td><td style="text-align: justify"><b>Accounts receivable and others</b></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: 0in"><b> </b></p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Note</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; text-align: left">Trade accounts receivable</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: center"> </td><td style="width: 9%; text-align: center">8.1</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">385,058</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">356,583</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Recoverable taxes</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">8.2</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,648</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">19,385</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Advances to suppliers</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">19,813</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">35,972</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">Other receivables</td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">8,946</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,057</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Total current</td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">429,465</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">414,997</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td> </td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Trade accounts receivable</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">8.1</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">521,210</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">520,758</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Recoverable taxes</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">8.2</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">76,089</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">60,310</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Judicial deposits</td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center">28</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">6,544</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,399</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 4pt">Total noncurrent</td><td style="padding-bottom: 4pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">603,843</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">588,467</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>8.1 Trade accounts receivable</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: left">Sale of sugarcane</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">45,800</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">43,953</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Sale of grains and cottons</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">73,869</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">41,587</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Sale of cotton</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,946</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,534</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Sale of beef cattle</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,226</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,196</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Leases of land</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,357</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,075</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Sale of machinery</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">12,218</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,942</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Sale of farms</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">235,419</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">249,327</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">388,835</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">360,614</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-bottom: 1.5pt; text-align: left">Allowance for expected credit losses</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,777</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(4,031</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Total current</td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">385,058</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">356,583</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-bottom: 1.5pt; text-align: left">Sale of farms</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">521,210</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">520,758</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"> </td><td> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Total noncurrent</td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">521,210</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">520,758</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">a)</td><td style="text-align: justify"><span style="text-decoration:underline">Changes in accounts receivable from grain, cottons and soybean
customers</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Grains</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Cottons</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Cattle</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Sugarcane</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 52%; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Balance on June 30, 2023</td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">74,220</td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-551">—</div></td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">1,761</td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">35,732</td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Sales in year</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">420,072</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">79,800</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">31,362</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">239,313</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Received</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(452,705</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(77,266</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(31,927</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(231,092</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Balance on June 30, 2024</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">41,587</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">2,534</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">1,196</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">43,953</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Sales in year</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">442,530</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">90,583</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">26,457</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">325,265</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Received</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(409,994</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(89,171</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(25,427</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(323,418</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Reversal of expected losses</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(254</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-552">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-553">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-554">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Balance on June 30, 2025</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">73,869</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">3,946</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">2,226</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">45,800</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr>
</table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">b)</td><td style="text-align: justify"><span style="text-decoration:underline">Changes in the allowance for expected credit losses:</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 88%; font-weight: bold; text-align: left">At June 30, 2023</td><td style="width: 1%"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">3,613</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Set-up of provision</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">65</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Exchange variation</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">418</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Write-off or reversal</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(65</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">At June 30, 2024</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,031</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Set-up of provision</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Exchange variation</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(270</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: left">At June 30, 2025</td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">3,777</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">c)</td><td style="text-align: justify"><span style="text-decoration:underline">Breakdown of receivable by maturity</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; text-align: left">Falling due:</td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2" style="text-align: right"> </td><td> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: left">Up to 30 days</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">112,576</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">90,294</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">31 to 90 days</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">82,070</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">22,629</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">91 to 180 days</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">42,594</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">94,639</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">181 to 360 days</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">143,437</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">148,093</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Over 360 days</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">521,210</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">520,758</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: left">Past due:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Up to 30 days</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,995</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">242</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">31 to 90 days</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">26</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">558</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">91 to 180 days</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-555">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">128</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">181 to 360 days</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">360</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-556">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Over 360 days</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,777</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,031</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">910,045</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">881,372</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">d)</td><td style="text-align: justify"><span style="text-decoration:underline">Sales of sugarcane</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: 14.2pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company has three sugarcane supply
agreements, whose credit risks are assessed in accordance with the internal policy as presented in Note 5.8b.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">No material expected credit losses
on receivables from sugarcane sale was recorded at June 30, 2025 and 2024.</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">e)</td><td style="text-align: justify"><span style="text-decoration:underline">Receivables from sale of farms</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Details in relation to receivables
from the sale of farms are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of<br/>
2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Sales</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Receipts</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fair value adjustment</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Exchange variation</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of<br/>
2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Current</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Non-current</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 20%; text-align: left">Araucária VI</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">5,538</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-557">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">(2,676</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">90</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-558">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">2,952</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">1,307</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">1,645</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Araucária VII</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">177,549</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-559">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(43,249</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">593</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-560">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">134,893</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">46,569</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">88,324</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Jatobá II</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">61,288</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-561">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(52,105</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">240</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-562">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,423</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,423</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-563">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Jatobá III</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">23,809</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-564">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(19,839</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(285</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-565">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,685</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,402</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,283</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Jatobá IV</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,792</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-566">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,529</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(263</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-567">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-568">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">149</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(149</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Jatobá V</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">20,684</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-569">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(11,844</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">141</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-570">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,981</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,419</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">562</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Jatobá VI</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">22,577</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-571">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(9,892</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">317</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-572">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">13,002</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,103</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,899</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Jatobá VII</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">79,736</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-573">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(25,202</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,763</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-574">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">57,297</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,618</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">49,679</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Alto Taquari III</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,312</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-575">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,055</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(257</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-576">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-577">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-578">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-579">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Alto Taquari IV</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">57,764</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">123,274</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(32,706</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,250</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-580">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">149,582</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">37,517</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">112,065</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Chaparral I</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">254,985</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-581">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(46,717</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,524</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-582">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">219,792</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">34,823</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">184,969</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Preferência</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-583">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">104,238</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,000</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(618</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-584">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">101,620</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">39,496</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">62,124</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Fon Fon I</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">564</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-585">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-586">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-587">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(9</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">555</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">555</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-588">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">San Cayetano</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">168</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-589">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(170</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-590">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-591">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-592">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-593">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Rio do Meio I</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">56,626</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-594">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,308</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(747</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-595">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">49,571</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">40,038</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,533</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Rio do Meio II</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-596">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">13,787</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(8,747</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">236</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-597">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,276</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-598">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,276</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Marangatú</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,693</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-599">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,763</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">73</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-600">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-601">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-602">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-bottom: 4pt"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">770,085</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">241,299</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(269,802</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">15,057</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(10</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">756,629</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">235,419</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">521,210</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of<br/>
2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Sales</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Receipts</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fair value adjustment</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Exchange variation</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of<br/>
2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Current</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Non-current</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 20%; text-align: left">Araucária V</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">10,419</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-603">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">(9,937</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">(482</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-604">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-605">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-606">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-607">—</div></td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Araucária VI</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,928</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-608">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-609">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">610</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-610">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,538</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,705</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,833</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Araucária VII</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">310,723</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-611">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(147,806</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14,632</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-612">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">177,549</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">48,447</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">129,102</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Jatobá II</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">53,409</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-613">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-614">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,879</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-615">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">61,288</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">30,949</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">30,339</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Jatobá III</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">20,348</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,063</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,502</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,900</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-616">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">23,809</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">12,026</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,783</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Jatobá IV</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,187</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">413</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4,805</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">997</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-617">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,792</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,792</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-618">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Jatobá V</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17,986</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">773</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(836</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,761</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-619">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">20,684</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14,163</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,521</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Jatobá VI</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">19,713</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,061</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(664</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,467</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-620">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">22,577</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,900</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,677</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Jatobá VII</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">86,341</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,855</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(18,667</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,207</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-621">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">79,736</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,371</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">64,365</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Alto Taquari III</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,159</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-622">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,252</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">405</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-623">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,312</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,312</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-624">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Alto Taquari IV</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">100,769</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-625">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(53,811</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,806</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-626">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">57,764</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">38,572</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">19,192</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Chaparral I</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-627">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">289,360</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(53,533</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">19,158</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-628">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">254,985</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">34,041</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">220,944</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Fon Fon</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">490</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-629">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-630">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-631">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">74</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">564</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">564</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-632">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">San Cayetano</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">294</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-633">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-634">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-635">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(126</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">168</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">168</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-636">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Rio do Meio I</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">59,467</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-637">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(10,251</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,410</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-638">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">56,626</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32,938</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">23,688</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Rio do Meio II</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,813</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-639">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(11,206</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,393</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-640">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-641">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-642">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-643">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Marangatú</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,422</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-644">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,088</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-645">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">359</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,693</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,379</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,314</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 4pt"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">709,468</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">294,525</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(317,358</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">83,143</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">307</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">770,085</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">249,327</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">520,758</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Information on the criteria for measuring
the initial and subsequent recognition, as well as sales and the amounts received in the fiscal year ended June 30, 2025, is presented
in Notes 2.1 and 22.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>8.2
Recoverable taxes</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: left">Withholding income tax (IRRF) on financial investments to be offset</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">4,077</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">10,427</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Income tax losses and social contribution carryforwards</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-646">— </div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Other recoverable taxes and contributions</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,315</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-647">— </div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Tax on value added - IVA – (Paraguay/Bolivia)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,224</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,786</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Other recoverable taxes</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">81</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">115</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">IRPJ/CSLL Estimative</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,934</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">57</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Total current</td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">15,648</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">19,385</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">ICMS recoverable</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,649</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">12,263</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Non-cumulative PIS and COFINS to be offset</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">45,757</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">30,124</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">IRRF on financial investments to be offset</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,367</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,359</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">INSS recoverable</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-648">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">46</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Tax on value added - IVA – (Paraguay/Bolivia)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">18,160</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,518</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Other recoverable taxes</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">156</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-649">— </div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Total noncurrent</td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">76,089</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">60,310</td><td style="text-align: left"> </td></tr>
</table>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Note</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; text-align: left">Trade accounts receivable</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: center"> </td><td style="width: 9%; text-align: center">8.1</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">385,058</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">356,583</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Recoverable taxes</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">8.2</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,648</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">19,385</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Advances to suppliers</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">19,813</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">35,972</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">Other receivables</td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">8,946</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,057</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Total current</td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">429,465</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">414,997</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td> </td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Trade accounts receivable</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">8.1</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">521,210</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">520,758</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Recoverable taxes</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">8.2</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">76,089</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">60,310</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Judicial deposits</td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center">28</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">6,544</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,399</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 4pt">Total noncurrent</td><td style="padding-bottom: 4pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">603,843</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">588,467</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
385058000
356583000
15648000
19385000
19813000
35972000
8946000
3057000
429465000
414997000
521210000
520758000
76089000
60310000
6544000
7399000
603843000
588467000
Trade accounts receivable<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: left">Sale of sugarcane</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">45,800</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">43,953</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Sale of grains and cottons</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">73,869</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">41,587</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Sale of cotton</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,946</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,534</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Sale of beef cattle</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,226</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,196</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Leases of land</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,357</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,075</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Sale of machinery</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">12,218</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,942</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Sale of farms</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">235,419</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">249,327</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">388,835</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">360,614</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-bottom: 1.5pt; text-align: left">Allowance for expected credit losses</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,777</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(4,031</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Total current</td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">385,058</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">356,583</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-bottom: 1.5pt; text-align: left">Sale of farms</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">521,210</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">520,758</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"> </td><td> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Total noncurrent</td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">521,210</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">520,758</td><td style="text-align: left"> </td></tr>
</table>
45800000
43953000
73869000
41587000
3946000
2534000
2226000
1196000
15357000
15075000
12218000
6942000
235419000
249327000
388835000
360614000
-3777000
-4031000
385058000
356583000
521210000
520758000
521210000
520758000
<span style="text-decoration:underline">Changes in accounts receivable from grain, cottons and soybean
customers</span><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Grains</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Cottons</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Cattle</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Sugarcane</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 52%; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Balance on June 30, 2023</td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">74,220</td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-551">—</div></td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">1,761</td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">35,732</td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Sales in year</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">420,072</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">79,800</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">31,362</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">239,313</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Received</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(452,705</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(77,266</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(31,927</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(231,092</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Balance on June 30, 2024</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">41,587</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">2,534</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">1,196</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">43,953</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Sales in year</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">442,530</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">90,583</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">26,457</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">325,265</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Received</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(409,994</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(89,171</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(25,427</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(323,418</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Reversal of expected losses</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(254</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-552">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-553">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-554">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Balance on June 30, 2025</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">73,869</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">3,946</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">2,226</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">45,800</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr>
</table>
74220000
1761000
35732000
420072000
79800000
31362000
239313000
452705000
77266000
31927000
231092000
41587000
2534000
1196000
43953000
442530000
90583000
26457000
325265000
409994000
89171000
25427000
323418000
254000
73869000
3946000
2226000
45800000
<span style="text-decoration:underline">Changes in the allowance for expected credit losses:</span><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 88%; font-weight: bold; text-align: left">At June 30, 2023</td><td style="width: 1%"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">3,613</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Set-up of provision</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">65</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Exchange variation</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">418</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Write-off or reversal</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(65</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">At June 30, 2024</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,031</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Set-up of provision</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Exchange variation</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(270</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: left">At June 30, 2025</td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">3,777</td><td style="text-align: left"> </td></tr>
</table>
-3613000
65000
418000
65000
-4031000
16000
-270000
-3777000
<span style="text-decoration:underline">Breakdown of receivable by maturity</span><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; text-align: left">Falling due:</td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2" style="text-align: right"> </td><td> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: left">Up to 30 days</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">112,576</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">90,294</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">31 to 90 days</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">82,070</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">22,629</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">91 to 180 days</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">42,594</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">94,639</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">181 to 360 days</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">143,437</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">148,093</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Over 360 days</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">521,210</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">520,758</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: left">Past due:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Up to 30 days</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,995</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">242</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">31 to 90 days</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">26</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">558</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">91 to 180 days</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-555">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">128</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">181 to 360 days</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">360</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-556">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Over 360 days</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,777</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,031</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">910,045</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">881,372</td><td style="text-align: left"> </td></tr>
</table>
112576000
90294000
82070000
22629000
42594000
94639000
143437000
148093000
521210000
520758000
3995000
242000
26000
558000
128000
360000
3777000
4031000
910045000
881372000
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Details in relation to receivables
from the sale of farms are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of<br/>
2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Sales</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Receipts</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fair value adjustment</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Exchange variation</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of<br/>
2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Current</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Non-current</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 20%; text-align: left">Araucária VI</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">5,538</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-557">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">(2,676</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">90</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-558">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">2,952</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">1,307</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">1,645</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Araucária VII</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">177,549</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-559">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(43,249</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">593</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-560">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">134,893</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">46,569</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">88,324</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Jatobá II</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">61,288</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-561">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(52,105</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">240</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-562">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,423</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,423</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-563">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Jatobá III</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">23,809</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-564">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(19,839</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(285</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-565">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,685</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,402</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,283</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Jatobá IV</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,792</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-566">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,529</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(263</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-567">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-568">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">149</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(149</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Jatobá V</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">20,684</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-569">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(11,844</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">141</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-570">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,981</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,419</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">562</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Jatobá VI</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">22,577</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-571">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(9,892</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">317</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-572">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">13,002</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,103</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,899</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Jatobá VII</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">79,736</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-573">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(25,202</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,763</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-574">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">57,297</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,618</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">49,679</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Alto Taquari III</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,312</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-575">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,055</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(257</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-576">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-577">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-578">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-579">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Alto Taquari IV</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">57,764</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">123,274</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(32,706</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,250</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-580">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">149,582</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">37,517</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">112,065</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Chaparral I</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">254,985</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-581">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(46,717</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,524</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-582">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">219,792</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">34,823</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">184,969</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Preferência</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-583">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">104,238</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,000</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(618</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-584">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">101,620</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">39,496</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">62,124</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Fon Fon I</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">564</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-585">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-586">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-587">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(9</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">555</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">555</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-588">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">San Cayetano</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">168</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-589">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(170</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-590">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-591">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-592">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-593">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Rio do Meio I</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">56,626</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-594">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,308</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(747</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-595">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">49,571</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">40,038</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,533</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Rio do Meio II</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-596">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">13,787</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(8,747</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">236</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-597">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,276</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-598">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,276</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Marangatú</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,693</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-599">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,763</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">73</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-600">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-601">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-602">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-bottom: 4pt"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">770,085</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">241,299</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(269,802</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">15,057</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(10</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">756,629</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">235,419</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">521,210</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of<br/>
2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Sales</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Receipts</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fair value adjustment</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Exchange variation</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of<br/>
2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Current</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Non-current</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 20%; text-align: left">Araucária V</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">10,419</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-603">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">(9,937</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">(482</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-604">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-605">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-606">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-607">—</div></td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Araucária VI</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,928</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-608">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-609">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">610</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-610">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,538</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,705</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,833</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Araucária VII</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">310,723</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-611">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(147,806</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14,632</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-612">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">177,549</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">48,447</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">129,102</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Jatobá II</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">53,409</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-613">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-614">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,879</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-615">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">61,288</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">30,949</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">30,339</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Jatobá III</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">20,348</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,063</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,502</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,900</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-616">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">23,809</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">12,026</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,783</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Jatobá IV</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,187</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">413</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4,805</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">997</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-617">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,792</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,792</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-618">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Jatobá V</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17,986</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">773</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(836</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,761</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-619">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">20,684</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14,163</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,521</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Jatobá VI</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">19,713</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,061</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(664</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,467</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-620">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">22,577</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,900</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,677</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Jatobá VII</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">86,341</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,855</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(18,667</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,207</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-621">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">79,736</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,371</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">64,365</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Alto Taquari III</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,159</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-622">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,252</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">405</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-623">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,312</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,312</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-624">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Alto Taquari IV</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">100,769</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-625">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(53,811</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,806</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-626">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">57,764</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">38,572</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">19,192</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Chaparral I</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-627">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">289,360</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(53,533</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">19,158</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-628">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">254,985</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">34,041</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">220,944</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Fon Fon</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">490</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-629">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-630">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-631">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">74</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">564</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">564</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-632">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">San Cayetano</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">294</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-633">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-634">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-635">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(126</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">168</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">168</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-636">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Rio do Meio I</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">59,467</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-637">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(10,251</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,410</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-638">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">56,626</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32,938</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">23,688</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Rio do Meio II</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,813</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-639">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(11,206</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,393</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-640">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-641">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-642">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-643">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Marangatú</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,422</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-644">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,088</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-645">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">359</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,693</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,379</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,314</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 4pt"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">709,468</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">294,525</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(317,358</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">83,143</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">307</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">770,085</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">249,327</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">520,758</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr>
</table>
5538000
-2676000
90000
2952000
1307000
1645000
177549000
-43249000
593000
134893000
46569000
88324000
61288000
-52105000
240000
9423000
9423000
23809000
-19839000
-285000
3685000
2402000
1283000
3792000
-3529000
-263000
149000
-149000
20684000
-11844000
141000
8981000
8419000
562000
22577000
-9892000
317000
13002000
7103000
5899000
79736000
-25202000
2763000
57297000
7618000
49679000
2312000
-2055000
-257000
57764000
123274000
-32706000
1250000
149582000
37517000
112065000
254985000
-46717000
11524000
219792000
34823000
184969000
104238000
-2000000
-618000
101620000
39496000
62124000
564000
-9000
555000
555000
168000
-170000
2000
56626000
-6308000
-747000
49571000
40038000
9533000
13787000
-8747000
236000
5276000
5276000
2693000
-2763000
73000
-3000
770085000
241299000
-269802000
15057000
-10000
756629000
235419000
521210000
10419000
-9937000
-482000
4928000
610000
5538000
2705000
2833000
310723000
-147806000
14632000
177549000
48447000
129102000
53409000
7879000
61288000
30949000
30339000
20348000
1063000
-1502000
3900000
23809000
12026000
11783000
7187000
413000
-4805000
997000
3792000
3792000
17986000
773000
-836000
2761000
20684000
14163000
6521000
19713000
1061000
-664000
2467000
22577000
11900000
10677000
86341000
1855000
-18667000
10207000
79736000
15371000
64365000
5159000
-3252000
405000
2312000
2312000
100769000
-53811000
10806000
57764000
38572000
19192000
289360000
-53533000
19158000
254985000
34041000
220944000
490000
74000
564000
564000
294000
-126000
168000
168000
59467000
-10251000
7410000
56626000
32938000
23688000
8813000
-11206000
2393000
3422000
-1088000
359000
2693000
1379000
1314000
709468000
294525000
-317358000
83143000
307000
770085000
249327000
520758000
Recoverable taxes<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: left">Withholding income tax (IRRF) on financial investments to be offset</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">4,077</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">10,427</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Income tax losses and social contribution carryforwards</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-646">— </div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Other recoverable taxes and contributions</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,315</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-647">— </div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Tax on value added - IVA – (Paraguay/Bolivia)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,224</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,786</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Other recoverable taxes</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">81</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">115</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">IRPJ/CSLL Estimative</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,934</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">57</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Total current</td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">15,648</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">19,385</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">ICMS recoverable</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,649</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">12,263</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Non-cumulative PIS and COFINS to be offset</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">45,757</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">30,124</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">IRRF on financial investments to be offset</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,367</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,359</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">INSS recoverable</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-648">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">46</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Tax on value added - IVA – (Paraguay/Bolivia)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">18,160</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,518</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Other recoverable taxes</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">156</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-649">— </div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Total noncurrent</td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">76,089</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">60,310</td><td style="text-align: left"> </td></tr>
</table>
4077000
10427000
17000
1315000
8224000
8786000
81000
115000
1934000
57000
15648000
19385000
10649000
12263000
45757000
30124000
1367000
1359000
46000
18160000
16518000
156000
76089000
60310000
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>9.</b></td><td style="text-align: justify"><b>Inventories</b></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b> </b></p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: justify">Soybean</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">120,562</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">107,538</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: justify">Corn</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,156</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">19,387</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">Bean</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">18,934</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">22,579</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: justify">Cotton</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">23,638</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17,288</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">Other harvests</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">909</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">681</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: left">Agricultural products – formation costs</td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">179,199</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">167,473</td><td style="font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Agricultural products – fair value</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">42,914</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14,030</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Raw materials</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">71,405</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">52,039</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">293,518</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">233,542</td><td style="font-weight: bold; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>9.1 Adjustment to realizable value of inventories
of agricultural products</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 88%; font-weight: bold; text-align: left">At June 30, 2023</td><td style="width: 1%"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">(18,565</td><td style="width: 1%; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Adjustment to recoverable value of agricultural products, net</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,091</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Realization as cost of sales</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">18,894</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: left">At June 30, 2024</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(762</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Adjustment to recoverable value of agricultural products, net</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(8,069</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Realization as cost of sales</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,543</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">At June 30, 2025</td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">(5,288</td><td style="text-align: left">)</td></tr>
</table>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: justify">Soybean</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">120,562</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">107,538</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: justify">Corn</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,156</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">19,387</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">Bean</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">18,934</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">22,579</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: justify">Cotton</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">23,638</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17,288</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">Other harvests</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">909</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">681</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: left">Agricultural products – formation costs</td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">179,199</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">167,473</td><td style="font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Agricultural products – fair value</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">42,914</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14,030</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Raw materials</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">71,405</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">52,039</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">293,518</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">233,542</td><td style="font-weight: bold; text-align: left"> </td></tr>
</table>
120562000
107538000
15156000
19387000
18934000
22579000
23638000
17288000
909000
681000
179199000
167473000
42914000
14030000
71405000
52039000
293518000
233542000
Adjustment to realizable value of inventories
of agricultural products<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 88%; font-weight: bold; text-align: left">At June 30, 2023</td><td style="width: 1%"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">(18,565</td><td style="width: 1%; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Adjustment to recoverable value of agricultural products, net</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,091</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Realization as cost of sales</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">18,894</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: left">At June 30, 2024</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(762</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Adjustment to recoverable value of agricultural products, net</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(8,069</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Realization as cost of sales</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,543</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">At June 30, 2025</td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">(5,288</td><td style="text-align: left">)</td></tr>
</table>
18565000
-1091000
18894000
762000
-8069000
3543000
5288000
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>10.</b></td><td style="text-align: justify"><b>Biological assets</b></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: left">Food cattle</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">26,859</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">14,665</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Production cattle</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32,345</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">26,930</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Grain plantation</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">38,186</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">22,138</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Cotton plantation</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">77,933</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">61,896</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Sugarcane plantation</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">122,462</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">111,636</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: left">Total</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">297,785</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">237,265</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Current</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">265,440</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">210,335</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Noncurrent</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32,345</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">26,930</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Plantation and treatment of crops expenditures
are for crop formation such as seeds, fertilizers, pesticides, depreciation and manpower.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The area
(hectares) to be harvested corresponding to the biological assets is as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Planted area (Hectares)</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: left">Grains</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">9,985</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">4,011</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Cotton</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,766</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,355</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Sugarcane</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">26,224</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">26,214</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">43,975</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">36,580</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Changes in agricultural activity</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Grains</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Cotton</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Sugarcane</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; font-weight: bold; text-align: left">Balance at June 30, 2023</td><td style="width: 1%"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">47,226</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">41,096</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">112,423</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Increases due to planting</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">437,590</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">75,933</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-650">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Increases due to handling</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-651">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-652">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">231,132</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Change in fair value</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">20,407</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,799</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">21,997</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Reductions due to harvesting</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(483,602</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(60,471</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(250,633</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1.5pt; text-align: left">Exchange variation</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">517</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">539</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,283</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left"> </td><td> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Balance at June 30, 2024</td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">22,138</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">61,896</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">111,636</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Increases due to planting</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">448,427</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">111,954</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Increases due to handling</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">300,016</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Change in fair value</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">68,552</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(5,421</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">41,812</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Reductions due to harvesting</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(500,253</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(90,094</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(330,782</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1.5pt; text-align: left">Exchange variation</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(678</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(402</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(220</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left"> </td><td> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Balance at June 30, 2025</td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">38,186</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">77,933</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">122,462</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Composed of:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Historical cost</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">36,014</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">76,905</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">76,075</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Fair value</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,172</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,028</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">46,387</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: left">Balance on June 30, 2025</td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">38,186</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">77,933</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">122,462</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Current</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">38,186</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">77,933</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">122,462</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Changes in cattle raising activity</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: right"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Heads of cattle</p>
<p style="margin-top: 0; margin-bottom: 0">(in number)</p></td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Cattle</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>At June 30, 2023</b></p></td><td style="width: 1%"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">22,705</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">53,484</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: justify">Acquisition/birth costs</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,779</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,330</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Handling costs</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-653">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">18,821</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Sales</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(11,235</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(30,384</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Deaths</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(582</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,439</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Consumption</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(43</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(32</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Effect of conversion</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-654">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,519</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Change in fair value</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-655">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(6,704</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>At June 30, 2024</b></p></td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">17,624</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">41,595</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: justify">Acquisition/birth costs</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,501</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,263</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Handling costs</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,431</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Sales</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(7,429</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(24,184</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Deaths</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(488</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,384</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Consumption</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(34</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(139</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Effect of conversion</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,106</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Change in fair value</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">17,728</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>At June 30, 2025</b></p></td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">18,174</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">59,204</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Current</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,844</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">26,859</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Non-current</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,330</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32,345</td><td style="text-align: left"> </td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Quantitative
data about cattle raising activity, expressed in heads of cattle</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: 21.3pt"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Consumable cattle</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Production cattle</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Total</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%">At June 30, 2024</td><td style="width: 1%"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">2,542</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">15,082</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">17,624</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td>At June 30, 2025</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,500</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,674</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">18,174</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: 21.3pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><span style="text-decoration:underline">Fair value hierarchy </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center"> </td>
<td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fair value</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; text-align: left">Sugarcane</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">30,137</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">111,636</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Level 3 </span></td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Cattle</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">41,055</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">41,595</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Level 2 </span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Grains</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">27,209</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">22,138</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Level 3 </span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Cotton</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">61,531</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">61,896</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3</span></td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: 21.3pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The significant non-observable inputs
used in the measurement of the fair value of sugarcane, grains and cotton classified as Level 3 in the fair value hierarchy, along with
an analysis of quantitative sensitivity on June 30, 202, are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: left">Description</td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Evaluation method</td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Significant non-observable inputs</td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Rate %</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Variation of non-observable inputs</td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Increase in inputs</td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Decrease in inputs</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 10%; text-align: left">Biological asset - sugarcane</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 10%; text-align: center">Discounted cash flow</td><td style="text-align: center; width: 1%; vertical-align: bottom"> </td> <td style="vertical-align: top; width: 10%; text-align: center">- Yield</td><td style="width: 1%"> </td> <td style="padding-bottom: 1.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 1.5pt; width: 10%; text-align: right">12.20</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 12%; text-align: left">Average productivity: 74.38 tons per hectare.</td><td style="width: 1%"> </td> <td style="width: 20%; text-align: justify">An increase in yield generates a positive result in the fair value of biological assets.</td><td style="width: 1%"> </td> <td style="width: 20%; text-align: justify">A decrease in yield generates a negative result in the fair value of biological assets.</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; vertical-align: top"> </td><td> </td> <td> </td><td> </td> <td style="vertical-align: top; text-align: center">- TRS <br/>(Kg of sugar <br/>per ton of <br/>sugarcane)</td><td> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">12.20</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">Total recoverable sugar: ATR 115 to 145 per ton of cane.</td><td> </td> <td style="text-align: justify">An increase in TRS generates a positive result in the fair value of biological assets.</td><td> </td> <td style="text-align: justify">A decrease in TRS generates a negative result in the fair value of biological assets.</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Corn</td><td> </td> <td style="vertical-align: top; text-align: center">Discounted cash flow</td><td> </td> <td style="vertical-align: top; text-align: center">- Yield</td><td> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">12.20</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">Average yield: 95.60 bags per hectare.</td><td> </td> <td style="text-align: justify">An increase in yield generates a positive result in the fair value of biological assets.</td><td> </td> <td style="text-align: justify">A decrease in yield generates a negative result in the fair value of biological assets.</td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">Cotton</td><td> </td> <td style="vertical-align: top; text-align: center">Discounted cash flow</td><td> </td> <td style="vertical-align: top; text-align: center">- Yield</td><td> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">12.20</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">Average yield: 3.58 tons per hectare.</td><td> </td> <td style="text-align: justify">An increase in yield generates a positive result in the fair value of biological assets.</td><td> </td> <td style="text-align: justify">A decrease in yield generates a negative result in the fair value of biological assets.</td></tr> </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">A 1% increase or decrease in the expected
productivity of sugarcane and grains/cotton would result in an increase or decrease in the value of the biological asset of R$3,013 and
a 1% increase or decrease in the price of sugarcane and grains/cotton would result in an increase or decrease in the value of the biological
asset of R$3,864.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><span style="text-decoration:underline">Changes in fair value in
the statement of income</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: 21.3pt"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; text-align: left; padding-left: 3.5pt">Grains</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">68,552</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">20,407</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">102,596</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-left: 3.5pt">Cotton</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(5,421</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,799</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,631</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 3.5pt">Sugarcane</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">41,812</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">21,997</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,903</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt; padding-left: 3.5pt">Cattle</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">17,728</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(6,704</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(13,824</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 3.5pt"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">122,671</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">40,499</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">78,238</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: left">Food cattle</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">26,859</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">14,665</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Production cattle</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32,345</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">26,930</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Grain plantation</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">38,186</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">22,138</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Cotton plantation</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">77,933</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">61,896</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Sugarcane plantation</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">122,462</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">111,636</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: left">Total</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">297,785</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">237,265</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Current</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">265,440</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">210,335</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Noncurrent</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32,345</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">26,930</td><td style="text-align: left"> </td></tr>
</table>
26859000
14665000
32345000
26930000
38186000
22138000
77933000
61896000
122462000
111636000
297785000
237265000
265440000
210335000
32345000
26930000
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The area
(hectares) to be harvested corresponding to the biological assets is as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Planted area (Hectares)</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: left">Grains</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">9,985</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">4,011</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Cotton</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,766</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,355</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Sugarcane</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">26,224</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">26,214</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">43,975</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">36,580</td><td style="text-align: left"> </td></tr>
</table>
9985
4011
7766
6355
26224
26214
43975
36580
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Changes in agricultural activity</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Grains</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Cotton</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Sugarcane</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; font-weight: bold; text-align: left">Balance at June 30, 2023</td><td style="width: 1%"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">47,226</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">41,096</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">112,423</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Increases due to planting</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">437,590</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">75,933</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-650">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Increases due to handling</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-651">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-652">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">231,132</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Change in fair value</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">20,407</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,799</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">21,997</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Reductions due to harvesting</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(483,602</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(60,471</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(250,633</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1.5pt; text-align: left">Exchange variation</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">517</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">539</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,283</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left"> </td><td> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Balance at June 30, 2024</td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">22,138</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">61,896</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">111,636</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Increases due to planting</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">448,427</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">111,954</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Increases due to handling</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">300,016</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Change in fair value</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">68,552</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(5,421</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">41,812</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Reductions due to harvesting</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(500,253</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(90,094</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(330,782</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1.5pt; text-align: left">Exchange variation</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(678</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(402</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(220</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left"> </td><td> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Balance at June 30, 2025</td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">38,186</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">77,933</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">122,462</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Composed of:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Historical cost</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">36,014</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">76,905</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">76,075</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Fair value</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,172</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,028</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">46,387</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: left">Balance on June 30, 2025</td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">38,186</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">77,933</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">122,462</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Current</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">38,186</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">77,933</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">122,462</td><td style="text-align: left"> </td></tr>
</table>
47226000
41096000
112423000
437590000
75933000
231132000
20407000
4799000
21997000
483602000
60471000
250633000
517000
539000
-3283000
22138000
61896000
111636000
448427000
111954000
300016000
68552000
-5421000
41812000
500253000
90094000
330782000
-678000
-402000
-220000
38186000
77933000
122462000
36014000
76905000
76075000
2172000
1028000
46387000
38186000
77933000
122462000
38186000
77933000
122462000
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Changes in cattle raising activity</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: right"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Heads of cattle</p>
<p style="margin-top: 0; margin-bottom: 0">(in number)</p></td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Cattle</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>At June 30, 2023</b></p></td><td style="width: 1%"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">22,705</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">53,484</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: justify">Acquisition/birth costs</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,779</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,330</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Handling costs</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-653">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">18,821</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Sales</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(11,235</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(30,384</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Deaths</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(582</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,439</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Consumption</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(43</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(32</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Effect of conversion</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-654">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,519</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Change in fair value</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-655">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(6,704</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>At June 30, 2024</b></p></td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">17,624</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">41,595</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: justify">Acquisition/birth costs</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,501</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,263</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Handling costs</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,431</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Sales</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(7,429</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(24,184</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Deaths</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(488</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,384</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Consumption</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(34</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(139</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Effect of conversion</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,106</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Change in fair value</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">17,728</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>At June 30, 2025</b></p></td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">18,174</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">59,204</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Current</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,844</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">26,859</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Non-current</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,330</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32,345</td><td style="text-align: left"> </td></tr>
</table>
22705
53484
6779
6330
18821
-11235
-30384
-582
-1439
-43
-32
1519
-6704
17624
41595
8501
10263
16431
-7429
-24184
-488
-1384
-34
-139
-1106
17728
18174
59204
7844000
26859000
10330000
32345000
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Quantitative
data about cattle raising activity, expressed in heads of cattle</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: 21.3pt"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Consumable cattle</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Production cattle</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Total</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%">At June 30, 2024</td><td style="width: 1%"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">2,542</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">15,082</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">17,624</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td>At June 30, 2025</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,500</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,674</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">18,174</td><td style="text-align: left"> </td></tr>
</table>
2542000
15082000
17624000
3500000
14674000
18174000
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><span style="text-decoration:underline">Fair value hierarchy </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center"> </td>
<td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fair value</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; text-align: left">Sugarcane</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">30,137</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">111,636</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Level 3 </span></td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Cattle</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">41,055</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">41,595</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Level 2 </span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Grains</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">27,209</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">22,138</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Level 3 </span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Cotton</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">61,531</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">61,896</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3</span></td><td style="text-align: left"> </td></tr>
</table>
30137000
111636000
41055000
41595000
27209000
22138000
61531000
61896000
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The significant non-observable inputs
used in the measurement of the fair value of sugarcane, grains and cotton classified as Level 3 in the fair value hierarchy, along with
an analysis of quantitative sensitivity on June 30, 202, are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: left">Description</td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Evaluation method</td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Significant non-observable inputs</td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Rate %</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Variation of non-observable inputs</td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Increase in inputs</td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Decrease in inputs</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 10%; text-align: left">Biological asset - sugarcane</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 10%; text-align: center">Discounted cash flow</td><td style="text-align: center; width: 1%; vertical-align: bottom"> </td> <td style="vertical-align: top; width: 10%; text-align: center">- Yield</td><td style="width: 1%"> </td> <td style="padding-bottom: 1.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 1.5pt; width: 10%; text-align: right">12.20</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 12%; text-align: left">Average productivity: 74.38 tons per hectare.</td><td style="width: 1%"> </td> <td style="width: 20%; text-align: justify">An increase in yield generates a positive result in the fair value of biological assets.</td><td style="width: 1%"> </td> <td style="width: 20%; text-align: justify">A decrease in yield generates a negative result in the fair value of biological assets.</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; vertical-align: top"> </td><td> </td> <td> </td><td> </td> <td style="vertical-align: top; text-align: center">- TRS <br/>(Kg of sugar <br/>per ton of <br/>sugarcane)</td><td> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">12.20</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">Total recoverable sugar: ATR 115 to 145 per ton of cane.</td><td> </td> <td style="text-align: justify">An increase in TRS generates a positive result in the fair value of biological assets.</td><td> </td> <td style="text-align: justify">A decrease in TRS generates a negative result in the fair value of biological assets.</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Corn</td><td> </td> <td style="vertical-align: top; text-align: center">Discounted cash flow</td><td> </td> <td style="vertical-align: top; text-align: center">- Yield</td><td> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">12.20</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">Average yield: 95.60 bags per hectare.</td><td> </td> <td style="text-align: justify">An increase in yield generates a positive result in the fair value of biological assets.</td><td> </td> <td style="text-align: justify">A decrease in yield generates a negative result in the fair value of biological assets.</td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">Cotton</td><td> </td> <td style="vertical-align: top; text-align: center">Discounted cash flow</td><td> </td> <td style="vertical-align: top; text-align: center">- Yield</td><td> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">12.20</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">Average yield: 3.58 tons per hectare.</td><td> </td> <td style="text-align: justify">An increase in yield generates a positive result in the fair value of biological assets.</td><td> </td> <td style="text-align: justify">A decrease in yield generates a negative result in the fair value of biological assets.</td></tr> </table>
Discounted cash flow
- Yield
12.20
Average productivity: 74.38 tons per hectare.
An increase in yield generates a positive result in the fair value of biological assets.
A decrease in yield generates a negative result in the fair value of biological assets.
- TRS (Kg of sugar per ton of sugarcane)
12.20
Total recoverable sugar: ATR 115 to 145 per ton of cane.
An increase in TRS generates a positive result in the fair value of biological assets.
A decrease in TRS generates a negative result in the fair value of biological assets.
Discounted cash flow
- Yield
12.20
Average yield: 95.60 bags per hectare.
An increase in yield generates a positive result in the fair value of biological assets.
A decrease in yield generates a negative result in the fair value of biological assets.
Discounted cash flow
- Yield
12.20
Average yield: 3.58 tons per hectare.
An increase in yield generates a positive result in the fair value of biological assets.
A decrease in yield generates a negative result in the fair value of biological assets.
0.01
3013000
0.01
3864000
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><span style="text-decoration:underline">Changes in fair value in
the statement of income</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: 21.3pt"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; text-align: left; padding-left: 3.5pt">Grains</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">68,552</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">20,407</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">102,596</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-left: 3.5pt">Cotton</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(5,421</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,799</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,631</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 3.5pt">Sugarcane</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">41,812</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">21,997</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,903</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt; padding-left: 3.5pt">Cattle</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">17,728</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(6,704</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(13,824</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 3.5pt"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">122,671</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">40,499</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">78,238</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
68552000
20407000
102596000
-5421000
4799000
-3631000
41812000
21997000
-6903000
17728000
-6704000
-13824000
122671000
40499000
78238000
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>11.</b></td><td style="text-align: justify"><b>Investment properties</b></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: 0in"><b> </b></p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Land - Farms</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Buildings and improvements</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Opening of area</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total in operation</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Construction in progress</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; width: 28%; font-weight: bold; text-align: left">At June 30, 2024</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">939,087</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">106,373</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">231,020</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,276,480</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">57,060</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,333,540</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Acquisitions</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">86</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,563</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">787</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,436</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">65,337</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">67,773</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Acquisitions - Business combination<br/>
(Note 2.3)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-656">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,689</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-657">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,689</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">577</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,266</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Write-offs</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(12,782</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,412</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(17,938</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(37,132</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(448</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(37,580</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Transfers</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-658">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32,657</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">44,705</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">77,362</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(77,362</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-659">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Transfers between fixed asset x investment properties</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-660">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(33</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-661">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(33</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(22</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">(-) Depreciation / amortization</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-662">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,809</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(29,171</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(35,980</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-663">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(35,980</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt">Effect from conversion</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5,575</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(476</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(979</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(7,030</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(133</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(7,163</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt">At June 30, 2025</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">920,816</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">129,552</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">228,424</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">1,278,792</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">45,042</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">1,323,834</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Total cost</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">920,816</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">151,291</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">341,725</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,413,832</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">45,042</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,458,874</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt">Accumulated depreciation</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-664">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(21,739</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(113,301</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(135,040</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-665">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(135,040</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 4pt">Net book balance</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">920,816</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">129,552</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">228,424</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">1,278,792</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">45,042</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">1,323,834</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Annual depreciation rates (weighted <br/>
average) - %</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4-20</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5-20</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b> </b></p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Land – Farms</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Buildings and improvements</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Opening of area*</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total in operation</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Construction in progress</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">At June 30, 2024</td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; width: 28%; text-align: left">Opening balance</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">929,513</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">64,134</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">157,792</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,151,439</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">101,273</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,252,712</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Acquisitions</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,600</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,198</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,314</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,112</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">99,857</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">103,969</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Write-offs</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(33,773</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(205</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(12,321</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(46,299</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,434</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(48,733</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Transfers (*)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-666">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">41,495</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">101,551</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">143,046</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(142,709</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">337</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">(-) Depreciation / amortization</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-667">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4,139</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(25,488</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(29,627</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-668">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(29,627</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Effect from conversion</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">41,747</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,890</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">8,172</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">53,809</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,073</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">54,882</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Net book balance</td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">939,087</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">106,373</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">231,020</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">1,276,480</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">57,060</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">1,333,540</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">At June 30, 2024</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Total cost</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">939,087</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">124,085</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">342,351</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,405,523</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">57,060</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,462,583</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Accumulated depreciation</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-669">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(17,712</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(111,331</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(129,043</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-670">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(129,043</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Net book balance</td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">939,087</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">106,373</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">231,020</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">1,276,480</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">57,060</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">1,333,540</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(*)</td><td style="text-align: justify">Includes assets that were classified as Permanent Crop (Sugarcane
- Fixed Assets), but for operational reasons the area switched to soybeans and it was necessary to reclassify the balances for Area Restructuring
(Investment Properties).</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The table
below shows the fair value of investment properties are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-align: left; vertical-align: top"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: left; vertical-align: top"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Hectares</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: left; vertical-align: top"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fair Value*</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Cost Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; vertical-align: top; font-weight: bold; text-align: left">Farm</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">State</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Real estate</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Acquisition</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 11%; text-align: left">Jatobá Farm</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 11%; text-align: left; padding-left: 3.5pt">Bahia</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">8,868</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">8,868</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 11%; text-align: left; padding-left: 3.5pt">Jaborandi Ltda</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="vertical-align: top; width: 9%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mar-07</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">340,104</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">281,173</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">12,799</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">13,353</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">Alto Taquari Farm</td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Mato Grosso</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,373</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,380</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Mogno Ltda</td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aug-07</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">29,210</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,803</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,161</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,680</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Chaparral Farm</td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Bahia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,841</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,885</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Cajueiro Ltda</td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nov-07</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">804,701</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">507,024</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">88,641</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">83,585</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">Nova Buriti Farm</td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Minas Gerais</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,212</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,212</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Flamboyant Ltda</td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dec-07</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">70,498</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39,596</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,273</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,382</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Preferência Farm</td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Bahia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-671">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,799</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Cajueiro Ltda</td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sep-08</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-672">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">124,339</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-673">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">34,459</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">São José Farm</td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Maranhão</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,566</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,566</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Ceibo Ltda</td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Feb-17</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">542,542</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">527,849</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">120,103</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">117,835</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Marangatu y Udra Farm</td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Boqueron Paraguay</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">58,722</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">58,722</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Agropecuaria Moroti S/A</td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Feb-18</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">487,987</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">330,572</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">265,883</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">274,899</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">Arrojadinho Farm</td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Bahia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,644</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,642</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Agrifirma Bahia Ltda</td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jan-20</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">499,157</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">328,203</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">177,176</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">154,627</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Rio do Meio Farm</td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Bahia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,753</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,750</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Agrifirma Bahia Ltda</td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jan-20</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">199,813</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">156,689</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">66,381</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">67,362</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">Serra Grande Farm</td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Piauí</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,489</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,489</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Imobiliaria Cremaq</td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apr-20</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">88,390</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">76,428</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">43,449</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">43,458</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Acres del Sud Farm</td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Bolivia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,875</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,875</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Acres Del Sud</td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Feb-21</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">198,133</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">151,418</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">135,799</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">137,943</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">Panamby Farm</td><td style="padding-bottom: 1.5pt"> </td> <td style="vertical-align: top; text-align: left; padding-bottom: 1.5pt; padding-left: 3.5pt">Mato Grosso</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">10,793</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">10,844</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="vertical-align: top; text-align: left; padding-bottom: 1.5pt; padding-left: 3.5pt">Mogno Ltda</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sep-22</span></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">355,302</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">298,562</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">298,495</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">298,245</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td><td style="padding-bottom: 4pt"> </td> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 3.5pt; vertical-align: top"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">183,136</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">201,032</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 3.5pt; vertical-align: top"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; vertical-align: top; text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">3,615,837</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">2,841,656</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">1,236,160</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">1,267,828</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(*)</td><td style="text-align: justify">On June 30, 2025, the properties were appraised by an independent
firm. The comparable sales value of investment properties is adjusted considering specific aspects of each property, with the price per
hectare being the most relevant item of the assumptions. The fair value presented is considered level 3 in the fair value hierarchy and
there were no reclassifications between levels during the year.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The price of soybeans on the base date
at June 30, 2025, in the Brazilian States was R$108.29 in Bahia, R$109.38 in Maranhão, R$109.71 in Mato Grosso, R$110.42 in Piauí,
and R$109.71 in Minas Gerais (R$104.22 in Bahia, R$105.33 in Maranhão, R$105.67 in Mato Grosso, R$106.40 in Piauí, and R$105.67
in Minas Gerais on June 30, 2024). The closing US Dollar rate for the same period was R$/USD 5.12. This value represents an average between
amounts arbitrated by the real estate market in the region due to the great instability in the price of a bag of soybeans.</p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Land - Farms</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Buildings and improvements</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Opening of area</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total in operation</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Construction in progress</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; width: 28%; font-weight: bold; text-align: left">At June 30, 2024</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">939,087</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">106,373</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">231,020</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,276,480</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">57,060</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,333,540</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Acquisitions</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">86</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,563</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">787</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,436</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">65,337</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">67,773</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Acquisitions - Business combination<br/>
(Note 2.3)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-656">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,689</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-657">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,689</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">577</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,266</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Write-offs</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(12,782</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,412</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(17,938</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(37,132</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(448</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(37,580</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Transfers</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-658">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32,657</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">44,705</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">77,362</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(77,362</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-659">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Transfers between fixed asset x investment properties</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-660">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(33</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-661">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(33</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(22</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">(-) Depreciation / amortization</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-662">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,809</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(29,171</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(35,980</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-663">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(35,980</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt">Effect from conversion</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5,575</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(476</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(979</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(7,030</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(133</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(7,163</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt">At June 30, 2025</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">920,816</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">129,552</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">228,424</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">1,278,792</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">45,042</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">1,323,834</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Total cost</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">920,816</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">151,291</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">341,725</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,413,832</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">45,042</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,458,874</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt">Accumulated depreciation</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-664">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(21,739</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(113,301</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(135,040</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-665">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(135,040</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 4pt">Net book balance</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">920,816</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">129,552</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">228,424</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">1,278,792</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">45,042</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">1,323,834</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Annual depreciation rates (weighted <br/>
average) - %</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4-20</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5-20</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b> </b></p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Land – Farms</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Buildings and improvements</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Opening of area*</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total in operation</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Construction in progress</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">At June 30, 2024</td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; width: 28%; text-align: left">Opening balance</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">929,513</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">64,134</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">157,792</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,151,439</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">101,273</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,252,712</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Acquisitions</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,600</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,198</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,314</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,112</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">99,857</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">103,969</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Write-offs</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(33,773</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(205</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(12,321</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(46,299</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,434</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(48,733</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Transfers (*)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-666">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">41,495</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">101,551</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">143,046</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(142,709</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">337</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">(-) Depreciation / amortization</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-667">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4,139</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(25,488</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(29,627</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-668">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(29,627</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Effect from conversion</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">41,747</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,890</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">8,172</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">53,809</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,073</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">54,882</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Net book balance</td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">939,087</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">106,373</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">231,020</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">1,276,480</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">57,060</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">1,333,540</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">At June 30, 2024</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Total cost</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">939,087</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">124,085</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">342,351</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,405,523</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">57,060</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,462,583</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Accumulated depreciation</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-669">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(17,712</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(111,331</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(129,043</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-670">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(129,043</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Net book balance</td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">939,087</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">106,373</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">231,020</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">1,276,480</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">57,060</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">1,333,540</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(*)</td><td style="text-align: justify">Includes assets that were classified as Permanent Crop (Sugarcane
- Fixed Assets), but for operational reasons the area switched to soybeans and it was necessary to reclassify the balances for Area Restructuring
(Investment Properties).</td>
</tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(*)</td><td style="text-align: justify">On June 30, 2025, the properties were appraised by an independent
firm. The comparable sales value of investment properties is adjusted considering specific aspects of each property, with the price per
hectare being the most relevant item of the assumptions. The fair value presented is considered level 3 in the fair value hierarchy and
there were no reclassifications between levels during the year.</td>
</tr></table>
939087000
106373000
231020000
1276480000
57060000
1333540000
86000
1563000
787000
2436000
65337000
67773000
2689000
2689000
577000
3266000
12782000
6412000
17938000
37132000
448000
37580000
32657000
44705000
77362000
-77362000
33000
33000
-11000
22000
6809000
29171000
35980000
35980000
-5575
-476
-979
-7030
-133
-7163
920816000
129552000
228424000
1278792000
45042000
1323834000
920816000
151291000
341725000
1413832000
45042000
1458874000
21739000
113301000
135040000
135040000
920816000
129552000
228424000
1278792000
45042000
1323834000
0.04
0.20
0.05
0.20
929513000
64134000
157792000
1151439000
101273000
1252712000
1600000
1198000
1314000
4112000
99857000
103969000
33773000
205000
12321000
46299000
2434000
48733000
41495000
101551000
143046000
-142709000
337000
4139000
25488000
29627000
29627000
41747
3890
8172
53809
1073
54882
939087000
106373000
231020000
1276480000
57060000
1333540000
939087000
124085000
342351000
1405523000
57060000
1462583000
17712000
111331000
129043000
129043000
939087000
106373000
231020000
1276480000
57060000
1333540000
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The table
below shows the fair value of investment properties are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-align: left; vertical-align: top"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: left; vertical-align: top"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Hectares</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: left; vertical-align: top"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fair Value*</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Cost Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; vertical-align: top; font-weight: bold; text-align: left">Farm</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">State</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Real estate</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Acquisition</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 11%; text-align: left">Jatobá Farm</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 11%; text-align: left; padding-left: 3.5pt">Bahia</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">8,868</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">8,868</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 11%; text-align: left; padding-left: 3.5pt">Jaborandi Ltda</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="vertical-align: top; width: 9%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mar-07</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">340,104</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">281,173</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">12,799</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">13,353</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">Alto Taquari Farm</td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Mato Grosso</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,373</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,380</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Mogno Ltda</td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aug-07</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">29,210</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,803</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,161</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,680</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Chaparral Farm</td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Bahia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,841</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,885</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Cajueiro Ltda</td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nov-07</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">804,701</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">507,024</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">88,641</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">83,585</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">Nova Buriti Farm</td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Minas Gerais</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,212</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,212</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Flamboyant Ltda</td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dec-07</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">70,498</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39,596</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,273</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,382</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Preferência Farm</td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Bahia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-671">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,799</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Cajueiro Ltda</td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sep-08</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-672">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">124,339</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-673">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">34,459</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">São José Farm</td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Maranhão</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,566</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,566</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Ceibo Ltda</td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Feb-17</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">542,542</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">527,849</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">120,103</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">117,835</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Marangatu y Udra Farm</td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Boqueron Paraguay</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">58,722</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">58,722</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Agropecuaria Moroti S/A</td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Feb-18</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">487,987</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">330,572</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">265,883</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">274,899</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">Arrojadinho Farm</td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Bahia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,644</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,642</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Agrifirma Bahia Ltda</td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jan-20</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">499,157</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">328,203</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">177,176</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">154,627</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Rio do Meio Farm</td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Bahia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,753</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,750</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Agrifirma Bahia Ltda</td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jan-20</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">199,813</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">156,689</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">66,381</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">67,362</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">Serra Grande Farm</td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Piauí</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,489</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,489</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Imobiliaria Cremaq</td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apr-20</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">88,390</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">76,428</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">43,449</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">43,458</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Acres del Sud Farm</td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Bolivia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,875</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,875</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: left; padding-left: 3.5pt">Acres Del Sud</td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Feb-21</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">198,133</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">151,418</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">135,799</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">137,943</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">Panamby Farm</td><td style="padding-bottom: 1.5pt"> </td> <td style="vertical-align: top; text-align: left; padding-bottom: 1.5pt; padding-left: 3.5pt">Mato Grosso</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">10,793</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">10,844</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="vertical-align: top; text-align: left; padding-bottom: 1.5pt; padding-left: 3.5pt">Mogno Ltda</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sep-22</span></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">355,302</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">298,562</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">298,495</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">298,245</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td><td style="padding-bottom: 4pt"> </td> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 3.5pt; vertical-align: top"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">183,136</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">201,032</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 3.5pt; vertical-align: top"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; vertical-align: top; text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">3,615,837</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">2,841,656</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">1,236,160</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">1,267,828</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(*)</td><td style="text-align: justify">On June 30, 2025, the properties were appraised by an independent
firm. The comparable sales value of investment properties is adjusted considering specific aspects of each property, with the price per
hectare being the most relevant item of the assumptions. The fair value presented is considered level 3 in the fair value hierarchy and
there were no reclassifications between levels during the year.</td>
</tr></table>
8868
8868
Mar-07
340104000
281173000
12799000
13353000
1373
1380
Aug-07
29210000
19803000
3161000
17680000
24841
24885
Nov-07
804701000
507024000
88641000
83585000
24212
24212
Dec-07
70498000
39596000
24273000
24382000
17799
Sep-08
124339000
34459000
17566
17566
Feb-17
542542000
527849000
120103000
117835000
58722
58722
Feb-18
487987000
330572000
265883000
274899000
16644
16642
Jan-20
499157000
328203000
177176000
154627000
5753
5750
Jan-20
199813000
156689000
66381000
67362000
4489
4489
Apr-20
88390000
76428000
43449000
43458000
9875
9875
Feb-21
198133000
151418000
135799000
137943000
10793
10844
Sep-22
355302000
298562000
298495000
298245000
183136
201032
3615837000
2841656000
1236160000
1267828000
108290
109380
109710
110420
109710
104220
105330
105670
106400
105670
5120
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>12.</b></td><td style="text-align: justify"><b>Investments</b></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">a)</td><td style="text-align: justify"><span style="text-decoration:underline">Changes in investments</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: right"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Share of profit of a joint venture</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Effect from conversion</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 60%; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Cresca</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">1,478</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">(1,424</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">25</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">79</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Agrofy</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,256</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-674">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-675">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,256</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.125in"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">2,734</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(58</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">201</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">1,335</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: right"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Share of profit of a joint venture</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Effect from conversion</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 60%; text-align: left">Cresca</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">1,335</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">(58</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">201</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">1,478</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">Agrofy</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,256</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-676">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-677">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,256</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 4pt"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">2,591</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(58</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">201</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">2,734</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">b)</td><td style="text-align: justify"><span style="text-decoration:underline">Interest in Joint Venture</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Cresca’s summarized financial
information, based on the financial statements prepared in accordance with IFRS Accounting Standards as of and for years ended June 30,
2025 and 2024, and the reconciliation with the book value of the investment in the consolidated financial statements are presented below
at the fair value adjustment on the acquisition date:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; font-weight: bold; text-align: left">Assets</td><td style="width: 1%; font-weight: bold"> </td>
<td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">164</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td>
<td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">3,230</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Current</td><td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">121</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">3,186</td><td style="font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-align: left">Cash and cash equivalents</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">121</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">139</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-align: left">Accounts receivable, inventories and other receivables</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-678">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,047</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Noncurrent</td><td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">43</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">44</td><td style="font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-align: left">Other noncurrent</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">43</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">44</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: left">Liabilities</td><td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">6</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">273</td><td style="font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Current</td><td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">6</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">273</td><td style="font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Trade payables, taxes and loans</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">6</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">273</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Total net assets</td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">158</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2,957</td><td style="font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Company’s interest – 50%</td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">50</td><td style="font-weight: bold; text-align: left">%</td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">50</td><td style="font-weight: bold; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Company’s interest in net assets at estimated fair value</td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">79</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">1,478</td><td style="font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
</table>
<span style="text-decoration:underline">Changes in investments</span><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: right"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Share of profit of a joint venture</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Effect from conversion</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 60%; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Cresca</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">1,478</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">(1,424</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">25</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">79</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Agrofy</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,256</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-674">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-675">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,256</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.125in"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">2,734</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(58</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">201</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">1,335</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: right"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Share of profit of a joint venture</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Effect from conversion</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 60%; text-align: left">Cresca</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">1,335</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">(58</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">201</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">1,478</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">Agrofy</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,256</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-676">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-677">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,256</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 4pt"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">2,591</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(58</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">201</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">2,734</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr>
</table>
1478000
-1424000
25000
79000
1256000
1256000
2734000
-58000
201000
1335000
1335000
-58000
201000
1478000
1256000
1256000
2591000
-58000
201000
2734000
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Cresca’s summarized financial
information, based on the financial statements prepared in accordance with IFRS Accounting Standards as of and for years ended June 30,
2025 and 2024, and the reconciliation with the book value of the investment in the consolidated financial statements are presented below
at the fair value adjustment on the acquisition date:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; font-weight: bold; text-align: left">Assets</td><td style="width: 1%; font-weight: bold"> </td>
<td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">164</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td>
<td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">3,230</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Current</td><td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">121</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">3,186</td><td style="font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-align: left">Cash and cash equivalents</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">121</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">139</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-align: left">Accounts receivable, inventories and other receivables</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-678">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,047</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Noncurrent</td><td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">43</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">44</td><td style="font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-align: left">Other noncurrent</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">43</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">44</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: left">Liabilities</td><td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">6</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">273</td><td style="font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Current</td><td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">6</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">273</td><td style="font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Trade payables, taxes and loans</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">6</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">273</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Total net assets</td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">158</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2,957</td><td style="font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Company’s interest – 50%</td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">50</td><td style="font-weight: bold; text-align: left">%</td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">50</td><td style="font-weight: bold; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Company’s interest in net assets at estimated fair value</td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">79</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">1,478</td><td style="font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
</table>
164000
3230000
121000
3186000
121000
139000
3047000
43000
44000
43000
44000
6000
273000
6000
273000
6000
273000
158000
2957000
0.50
0.50
0.50
0.50
79000
1478000
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>13.
Property, plant and equipment</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Buildings and improvements</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Equipment and facilities</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Agricultural vehicles and machinery</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Furniture and fixtures</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total in operation</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Property, plant and equipment in progress</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Sugarcane</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total property, plant and equipment</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 20%; font-weight: bold; text-align: left">At June 30, 2023</td><td style="width: 1%"> </td>
<td style="border-bottom: Black 4pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 4pt double; width: 7%; text-align: right">74</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="border-bottom: Black 4pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 4pt double; width: 7%; text-align: right">36,026</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="border-bottom: Black 4pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 4pt double; width: 7%; text-align: right">30,269</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="border-bottom: Black 4pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 4pt double; width: 7%; text-align: right">3,178</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="border-bottom: Black 4pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 4pt double; width: 7%; text-align: right">69,547</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="border-bottom: Black 4pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 4pt double; width: 7%; text-align: right">6,495</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="border-bottom: Black 4pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 4pt double; width: 7%; text-align: right">79,066</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="border-bottom: Black 4pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 4pt double; width: 7%; text-align: right">155,108</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-align: left">Acquisitions</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-679">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,565</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,668</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,092</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">12,325</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">12,060</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">64,927</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">89,312</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-align: left">Disposals</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-680">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(90</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4,714</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(14</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4,818</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-681">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,551</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(7,369</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-align: left">Transfers*</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-682">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">21,917</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,547</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-683">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">18,370</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(18,370</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(337</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(337</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-align: left">Depreciation</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(21</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4,392</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,826</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(485</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(8,724</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-684">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(27,715</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(36,439</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Translation gains (losses)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-685">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">728</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(47</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">68</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">749</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-686">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,106</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,855</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">At June 30, 2024</td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">53</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">60,754</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">22,803</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">3,839</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">87,449</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">185</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">114,496</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">202,130</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-align: left">Acquisitions</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-687">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">13,610</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,602</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">866</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">24,078</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,466</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">51,294</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">78,838</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-align: left">Acquisitions - business combination</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-688">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14,084</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,889</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">76</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">18,049</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-689">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-690">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">18,049</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-align: left">Disposals</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(45</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(5,273</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,183</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(31</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(11,532</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-691">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(20</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(11,552</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-align: left">Transfers</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-692">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,627</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">20</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-693">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,647</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,647</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-694">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-695">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Transfers between fixed assets x x investment properties *</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-696">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">89</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">62</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-697">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">151</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-698">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(129</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">22</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-align: left">Depreciation</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(8</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(8,072</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(11,131</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(619</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(19,830</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-699">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(34,795</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(54,625</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Translation gains (losses)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-700">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(51</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(59</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-701">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(134</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(193</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">At June 30, 2025</td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-702">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">78,768</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">19,059</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">4,126</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">101,953</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">4</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">130,712</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">232,669</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-align: left">Total cost</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-703">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">128,680</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">39,642</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,557</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">175,879</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">314,625</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">490,508</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Accumulated depreciation</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-704">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(49,912</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(20,583</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,431</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(73,926</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-705">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(183,913</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(257,839</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">At June 30, 2025</td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-706">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">78,768</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">19,059</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">4,126</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">101,953</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">4</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">130,712</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">232,669</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Annual depreciation rates (weighted average) - %</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">20</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">(*) Includes assets that were classified
as Permanent Crop (Sugarcane - Fixed Assets), but for operational reasons the area switched to soybeans and it was necessary to reclassify
the balances for Area Restructuring (Investment Properties).</p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Buildings and improvements</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Equipment and facilities</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Agricultural vehicles and machinery</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Furniture and fixtures</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total in operation</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Property, plant and equipment in progress</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Sugarcane</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total property, plant and equipment</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 20%; font-weight: bold; text-align: left">At June 30, 2023</td><td style="width: 1%"> </td>
<td style="border-bottom: Black 4pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 4pt double; width: 7%; text-align: right">74</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="border-bottom: Black 4pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 4pt double; width: 7%; text-align: right">36,026</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="border-bottom: Black 4pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 4pt double; width: 7%; text-align: right">30,269</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="border-bottom: Black 4pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 4pt double; width: 7%; text-align: right">3,178</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="border-bottom: Black 4pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 4pt double; width: 7%; text-align: right">69,547</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="border-bottom: Black 4pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 4pt double; width: 7%; text-align: right">6,495</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="border-bottom: Black 4pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 4pt double; width: 7%; text-align: right">79,066</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="border-bottom: Black 4pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 4pt double; width: 7%; text-align: right">155,108</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-align: left">Acquisitions</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-679">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,565</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,668</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,092</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">12,325</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">12,060</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">64,927</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">89,312</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-align: left">Disposals</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-680">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(90</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4,714</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(14</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4,818</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-681">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,551</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(7,369</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-align: left">Transfers*</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-682">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">21,917</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,547</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-683">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">18,370</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(18,370</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(337</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(337</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-align: left">Depreciation</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(21</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4,392</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,826</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(485</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(8,724</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-684">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(27,715</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(36,439</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Translation gains (losses)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-685">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">728</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(47</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">68</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">749</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-686">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,106</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,855</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">At June 30, 2024</td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">53</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">60,754</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">22,803</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">3,839</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">87,449</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">185</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">114,496</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">202,130</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-align: left">Acquisitions</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-687">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">13,610</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,602</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">866</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">24,078</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,466</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">51,294</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">78,838</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-align: left">Acquisitions - business combination</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-688">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14,084</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,889</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">76</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">18,049</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-689">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-690">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">18,049</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-align: left">Disposals</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(45</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(5,273</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,183</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(31</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(11,532</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-691">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(20</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(11,552</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-align: left">Transfers</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-692">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,627</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">20</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-693">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,647</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,647</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-694">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-695">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Transfers between fixed assets x x investment properties *</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-696">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">89</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">62</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-697">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">151</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-698">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(129</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">22</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-align: left">Depreciation</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(8</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(8,072</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(11,131</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(619</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(19,830</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-699">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(34,795</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(54,625</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Translation gains (losses)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-700">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(51</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(59</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-701">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(134</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(193</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">At June 30, 2025</td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-702">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">78,768</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">19,059</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">4,126</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">101,953</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">4</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">130,712</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">232,669</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-align: left">Total cost</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-703">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">128,680</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">39,642</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,557</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">175,879</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">314,625</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">490,508</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Accumulated depreciation</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-704">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(49,912</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(20,583</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,431</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(73,926</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-705">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(183,913</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(257,839</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">At June 30, 2025</td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-706">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">78,768</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">19,059</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">4,126</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">101,953</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">4</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">130,712</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">232,669</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Annual depreciation rates (weighted average) - %</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">20</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">(*) Includes assets that were classified
as Permanent Crop (Sugarcane - Fixed Assets), but for operational reasons the area switched to soybeans and it was necessary to reclassify
the balances for Area Restructuring (Investment Properties).</p>
74000
36026000
30269000
3178000
69547000
6495000
79066000
155108000
6565000
4668000
1092000
12325000
12060000
64927000
89312000
90000
4714000
14000
4818000
2551000
7369000
21917000
-3547000
18370000
-18370000
-337000
-337000
21000
4392000
3826000
485000
8724000
27715000
36439000
728000
-47000
68000
749000
1106000
1855000
53000
60754000
22803000
3839000
87449000
185000
114496000
202130000
13610000
9602000
866000
24078000
3466000
51294000
78838000
14084000
3889000
76000
18049000
18049000
45000
5273000
6183000
31000
11532000
20000
11552000
3627000
20000
3647000
-3647000
89000
62000
151000
-129000
22000
8000
8072000
11131000
619000
19830000
34795000
54625000
-51000
-3000
-5000
-59000
-134000
-193000
78768000
19059000
4126000
101953000
4000
130712000
232669000
128680000
39642000
7557000
175879000
4000
314625000
490508000
-49912000
-20583000
-3431000
-73926000
-183913000
-257839000
78768000
19059000
4126000
101953000
4000
130712000
232669000
0.03
0.07
0.07
0.10
0.20
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>14.</b></td><td style="text-align: justify"><b>Right-of-use asset</b></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Land - Farms</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Buildings and improvements</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Vehicles and agricultural machinery</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Right-of-use Total</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 60%; font-weight: bold; text-align: left">At June 30, 2023</td><td style="width: 1%"> </td>
<td style="border-bottom: Black 4pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 4pt double; width: 7%; text-align: right">156,661</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="border-bottom: Black 4pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 4pt double; width: 7%; text-align: right">951</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="border-bottom: Black 4pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 4pt double; width: 7%; text-align: right">3,619</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="border-bottom: Black 4pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 4pt double; width: 7%; text-align: right">161,231</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-align: left">New contracts</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">103,912</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">591</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,532</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">115,035</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-align: left">Remeasurement</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14,827</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-707">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14,833</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-align: left">Write-off</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(176</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-708">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(167</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(343</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-align: left">(-) Depreciation / Amortization</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(53,661</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(533</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,852</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(58,046</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-align: left">Exchange rate variation</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,051</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">37</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">38</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,126</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">At June 30, 2024</td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">222,614</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">1,046</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">10,176</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">233,836</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-align: left">New contracts</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,864</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,056</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,188</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">28,108</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-align: left">Business combination</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">41,817</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-709">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-710">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">41,817</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-align: left">Remeasurement</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">35,800</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-711">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-712">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">35,800</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-align: left">Write-off</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(791</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-713">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,836</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,627</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-align: left">(-) Depreciation / Amortization</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(49,610</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(830</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,306</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(56,746</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-align: left">Exchange rate variation</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(102</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">8</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(95</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: left">At June 30, 2025</td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">257,592</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">5,271</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">17,230</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">280,093</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-align: left">Total cost</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">473,744</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,288</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">34,863</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">516,895</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-align: left">Cumulative depreciation</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(216,152</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,017</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(17,633</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(236,802</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-align: left">Book balance, net</td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">257,592</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">5,271</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">17,230</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">280,093</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-align: left">Annual depreciation rates (weighted average) - %</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
</table>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Land - Farms</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Buildings and improvements</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Vehicles and agricultural machinery</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Right-of-use Total</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 60%; font-weight: bold; text-align: left">At June 30, 2023</td><td style="width: 1%"> </td>
<td style="border-bottom: Black 4pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 4pt double; width: 7%; text-align: right">156,661</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="border-bottom: Black 4pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 4pt double; width: 7%; text-align: right">951</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="border-bottom: Black 4pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 4pt double; width: 7%; text-align: right">3,619</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="border-bottom: Black 4pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 4pt double; width: 7%; text-align: right">161,231</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-align: left">New contracts</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">103,912</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">591</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,532</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">115,035</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-align: left">Remeasurement</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14,827</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-707">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14,833</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-align: left">Write-off</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(176</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-708">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(167</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(343</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-align: left">(-) Depreciation / Amortization</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(53,661</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(533</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,852</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(58,046</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-align: left">Exchange rate variation</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,051</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">37</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">38</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,126</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">At June 30, 2024</td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">222,614</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">1,046</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">10,176</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">233,836</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-align: left">New contracts</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,864</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,056</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,188</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">28,108</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-align: left">Business combination</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">41,817</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-709">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-710">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">41,817</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-align: left">Remeasurement</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">35,800</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-711">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-712">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">35,800</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-align: left">Write-off</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(791</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-713">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,836</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,627</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-align: left">(-) Depreciation / Amortization</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(49,610</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(830</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,306</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(56,746</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-align: left">Exchange rate variation</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(102</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">8</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(95</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: left">At June 30, 2025</td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">257,592</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">5,271</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">17,230</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">280,093</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-align: left">Total cost</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">473,744</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,288</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">34,863</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">516,895</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-align: left">Cumulative depreciation</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(216,152</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,017</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(17,633</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(236,802</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-align: left">Book balance, net</td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">257,592</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">5,271</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">17,230</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">280,093</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-align: left">Annual depreciation rates (weighted average) - %</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
</table>
156661000
951000
3619000
161231000
103912000
591000
10532000
115035000
14827000
6000
14833000
176000
167000
343000
-53661000
-533000
-3852000
-58046000
1051000
37000
38000
1126000
222614000
1046000
10176000
233836000
7864000
5056000
15188000
28108000
41817000
41817000
35800000
35800000
791000
1836000
2627000
-49610000
-830000
-6306000
-56746000
-102000
-1000
8000
-95000
257592000
5271000
17230000
280093000
473744000
8288000
34863000
516895000
-216152000
-3017000
-17633000
-236802000
257592000
5271000
17230000
280093000
0.10
0.03
0.07
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>15.</b></td><td style="text-align: justify"><b>Leases payable and related obligations</b></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Operating leases -<br/>
IFRS 16</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Sugarcane field restoration</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; font-weight: bold; text-align: justify; padding-bottom: 1.5pt; padding-left: 3.5pt">At June 30, 2023</td><td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">208,767</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">108,566</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">317,333</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: justify; padding-left: 3.5pt">New contracts</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">115,035</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-714">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">115,035</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify; padding-left: 3.5pt">Remeasurement</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14,833</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-715">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14,833</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: justify; padding-left: 3.5pt">Payment</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(47,818</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-716">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(47,818</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify; padding-left: 3.5pt">Write-offs</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(152</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-717">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(152</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: justify; padding-left: 3.5pt">Interest</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">30,157</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(33,111</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,954</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify; padding-left: 3.5pt">Update</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(35,600</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-718">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(35,600</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 3.5pt">Exchange variation</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,383</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-719">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,383</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt; padding-left: 3.5pt">At June 30, 2024</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">286,605</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">75,455</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">362,060</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: justify; padding-left: 3.5pt">New contracts</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">28,109</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-720">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">28,109</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 3.5pt">Business combination (Note 2.3)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">44,565</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-721">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">44,565</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: justify; padding-left: 3.5pt">Remeasurement</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">35,800</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-722">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">35,800</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify; padding-left: 3.5pt">Payment</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(78,762</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-723">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(78,762</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: justify; padding-left: 3.5pt">Write-offs</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,980</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-724">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,980</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify; padding-left: 3.5pt">Interest</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">49,742</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,210</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">47,532</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: justify; padding-left: 3.5pt">Update</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(11,444</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-725">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(11,444</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 3.5pt">Exchange variation</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(96</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-726">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(96</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt; padding-left: 3.5pt">At June 30, 2025</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">352,539</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">73,245</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">425,784</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">As of June 30, 2025, the Company’s main
lease contracts relate to agricultural partnership and land lease operations, as well as other less relevant contracts that involve leases
of machinery, vehicles and properties.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company has an agricultural partnership agreement
for the planting of sugarcane (Parceria IV) covering 15,000 arable hectares, which establishes an obligation of recovering the sugarcane
field upon delivery of the agreement. The term of the agreement is 15 years and may be extended for the same period.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Changes in lease liabilities occur upon effective
payment of the lease as well as periodic restatement by variation in the soybean or sugarcane price and adjustment to present value. The
impacts from adjustment to present value are recognized under financial income (loss), net in the income statement.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">As of June 30, 2025, the Company and its subsidiaries
held the following lease agreements with third parties:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; vertical-align: top; font-weight: bold; text-align: left">Description</td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Location</td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Currency</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Lease liabilities</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 25%; text-align: left">Avarandado Farm (Partnership II)</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 24%; text-align: left">Ribeiro Gonçalves - PI</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 22%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 22%; text-align: right">54,450</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">ETH Farm (Partnership III)</td><td> </td> <td style="vertical-align: top; text-align: left">Alto Taquari - MT</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,755</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Agro-Serra Farm (Partnership IV)</td><td> </td> <td style="vertical-align: top; text-align: left">São Raimundo de Mangabeira - MA</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">73,245</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">Xingu Farm (Partnership V)</td><td> </td> <td style="vertical-align: top; text-align: left">Xingu - MT</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">49,711</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Regalito Farm (Partnership V)</td><td> </td> <td style="vertical-align: top; text-align: left">Xingu - MT</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">43,686</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Serra Grande II Farm (Partnership VII)</td><td> </td> <td style="vertical-align: top; text-align: left">Baixa Grande do Ribeiro - PI</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,800</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Unagro Farm (Partnership VII)</td><td> </td> <td style="vertical-align: top; text-align: left">Santa Cruz - Bolivia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,683</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">São Domingos Farm (Partnership IX)</td><td> </td> <td style="vertical-align: top; text-align: left">Comodoro - MT</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">35,041</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Alto da Serra Farm (Partnership X)</td><td> </td> <td style="vertical-align: top; text-align: left">Brotas - SP</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">46,682</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">Zanoni Farm (Partnership X)</td><td> </td> <td style="vertical-align: top; text-align: left">Novo São Joaquim - MT</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">56,936</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Intercompany leases</td><td> </td> <td style="vertical-align: top; text-align: left">N.A.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-727">— </div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">Vehicle leases</td><td> </td> <td style="vertical-align: top; text-align: left">N.A.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,129</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Services with identified assets</td><td> </td> <td style="vertical-align: top; text-align: left">N.A.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,690</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">Land - Other</td><td> </td> <td style="vertical-align: top; text-align: left">N.A.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,675</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Lease of vehicles and office in Paraguay</td><td> </td> <td style="vertical-align: top; text-align: left">Assunção - Paraguay</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$</span></td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">301</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; vertical-align: top"> </td><td> </td> <td style="text-align: left; vertical-align: top"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>R$</b></span></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">425,784</td><td style="font-weight: bold; text-align: left"> </td></tr> </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The above lease liabilities are discounted to
present value using an incremental borrowing rate that ranges from 7.04% to 16.76%.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The lease
installments are shown below:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 88%; text-align: left">1 year</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">82,330</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">2 years</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">67,701</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">3 years</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">58,969</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">4 years</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">49,167</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">5 years</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">42,062</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Above 5 years</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">125,555</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">425,784</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company also has land lease agreements with
its subsidiaries (intercompany leases) for an average term of 14 years. These leases are described in Note 30.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Short-term leases, which have a contractual term
of less than 12 months, and do not contain a call option, nor lease agreements for low-value assets, recognized rental expenses, as they
fall within the exceptions provided for in IFRS 16. These contracts were recognized directly in the statement of operations for the year,
on an accrual basis throughout their term, under “Cost of sales” and “General and administrative expenses”, according
to the amounts of “Lease and rentals in general” (Note 23).</p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Operating leases -<br/>
IFRS 16</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Sugarcane field restoration</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; font-weight: bold; text-align: justify; padding-bottom: 1.5pt; padding-left: 3.5pt">At June 30, 2023</td><td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">208,767</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">108,566</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">317,333</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: justify; padding-left: 3.5pt">New contracts</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">115,035</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-714">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">115,035</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify; padding-left: 3.5pt">Remeasurement</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14,833</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-715">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14,833</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: justify; padding-left: 3.5pt">Payment</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(47,818</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-716">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(47,818</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify; padding-left: 3.5pt">Write-offs</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(152</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-717">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(152</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: justify; padding-left: 3.5pt">Interest</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">30,157</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(33,111</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,954</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify; padding-left: 3.5pt">Update</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(35,600</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-718">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(35,600</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 3.5pt">Exchange variation</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,383</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-719">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,383</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt; padding-left: 3.5pt">At June 30, 2024</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">286,605</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">75,455</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">362,060</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: justify; padding-left: 3.5pt">New contracts</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">28,109</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-720">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">28,109</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 3.5pt">Business combination (Note 2.3)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">44,565</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-721">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">44,565</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: justify; padding-left: 3.5pt">Remeasurement</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">35,800</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-722">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">35,800</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify; padding-left: 3.5pt">Payment</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(78,762</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-723">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(78,762</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: justify; padding-left: 3.5pt">Write-offs</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,980</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-724">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,980</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify; padding-left: 3.5pt">Interest</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">49,742</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,210</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">47,532</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: justify; padding-left: 3.5pt">Update</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(11,444</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-725">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(11,444</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 3.5pt">Exchange variation</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(96</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-726">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(96</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt; padding-left: 3.5pt">At June 30, 2025</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">352,539</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">73,245</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">425,784</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
208767000
108566000
317333000
115035000
115035000
14833000
14833000
-47818000
-47818000
-152000
-152000
30157000
-33111000
-2954000
-35600000
-35600000
1383000
1383000
286605000
75455000
362060000
28109000
28109000
44565000
44565000
35800000
35800000
-78762000
-78762000
-1980000
-1980000
49742000
-2210000
47532000
-11444000
-11444000
-96000
-96000
352539000
73245000
425784000
P15Y
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">As of June 30, 2025, the Company and its subsidiaries
held the following lease agreements with third parties:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; vertical-align: top; font-weight: bold; text-align: left">Description</td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Location</td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Currency</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Lease liabilities</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 25%; text-align: left">Avarandado Farm (Partnership II)</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 24%; text-align: left">Ribeiro Gonçalves - PI</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 22%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 22%; text-align: right">54,450</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">ETH Farm (Partnership III)</td><td> </td> <td style="vertical-align: top; text-align: left">Alto Taquari - MT</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,755</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Agro-Serra Farm (Partnership IV)</td><td> </td> <td style="vertical-align: top; text-align: left">São Raimundo de Mangabeira - MA</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">73,245</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">Xingu Farm (Partnership V)</td><td> </td> <td style="vertical-align: top; text-align: left">Xingu - MT</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">49,711</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Regalito Farm (Partnership V)</td><td> </td> <td style="vertical-align: top; text-align: left">Xingu - MT</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">43,686</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Serra Grande II Farm (Partnership VII)</td><td> </td> <td style="vertical-align: top; text-align: left">Baixa Grande do Ribeiro - PI</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,800</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Unagro Farm (Partnership VII)</td><td> </td> <td style="vertical-align: top; text-align: left">Santa Cruz - Bolivia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,683</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">São Domingos Farm (Partnership IX)</td><td> </td> <td style="vertical-align: top; text-align: left">Comodoro - MT</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">35,041</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Alto da Serra Farm (Partnership X)</td><td> </td> <td style="vertical-align: top; text-align: left">Brotas - SP</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">46,682</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">Zanoni Farm (Partnership X)</td><td> </td> <td style="vertical-align: top; text-align: left">Novo São Joaquim - MT</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">56,936</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Intercompany leases</td><td> </td> <td style="vertical-align: top; text-align: left">N.A.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-727">— </div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">Vehicle leases</td><td> </td> <td style="vertical-align: top; text-align: left">N.A.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,129</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Services with identified assets</td><td> </td> <td style="vertical-align: top; text-align: left">N.A.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,690</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">Land - Other</td><td> </td> <td style="vertical-align: top; text-align: left">N.A.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,675</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Lease of vehicles and office in Paraguay</td><td> </td> <td style="vertical-align: top; text-align: left">Assunção - Paraguay</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$</span></td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">301</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; vertical-align: top"> </td><td> </td> <td style="text-align: left; vertical-align: top"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>R$</b></span></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">425,784</td><td style="font-weight: bold; text-align: left"> </td></tr> </table>
Ribeiro Gonçalves - PI
54450000
Alto Taquari - MT
5755000
São Raimundo de Mangabeira - MA
73245000
Xingu - MT
49711000
Xingu - MT
43686000
Baixa Grande do Ribeiro - PI
26800000
Santa Cruz - Bolivia
8683000
Comodoro - MT
35041000
Brotas - SP
46682000
Novo São Joaquim - MT
56936000
N.A.
N.A.
3129000
N.A.
15690000
N.A.
5675000
Assunção - Paraguay
301000
425784000
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The lease
installments are shown below:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 88%; text-align: left">1 year</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">82,330</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">2 years</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">67,701</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">3 years</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">58,969</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">4 years</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">49,167</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">5 years</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">42,062</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Above 5 years</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">125,555</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">425,784</td><td style="text-align: left"> </td></tr>
</table>
82330000
67701000
58969000
49167000
42062000
125555000
425784000
P14Y
P12M
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>16.</b></td><td style="text-align: justify"><b>Trade accounts payable and others</b></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Note</td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; text-align: left">Trade accounts payable</td><td style="width: 1%"> </td>
<td style="width: 11%; text-align: center"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">103,659</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">67,192</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Taxes payable</td><td> </td>
<td style="text-align: center">16.1</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,659</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,437</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Dividends payable</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32,785</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">54,869</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Advances to customers</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,767</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">34,291</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Other liabilities</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">6,160</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,513</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: left">Total current</td><td> </td>
<td style="text-align: center"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">176,029</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">174,302</td><td style="font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Taxes payable</td><td> </td>
<td style="text-align: center">16.1</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">38,120</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">30,822</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Other liabilities</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">8,699</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,904</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Total noncurrent</td><td> </td>
<td style="text-align: center"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">46,819</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">36,726</td><td style="font-weight: bold; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>16.1 Taxes Payable</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: left">ISS payable</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">722</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">948</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Withholding taxes</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">500</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,086</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">PIS and COFINS payable</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,754</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,799</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">IRPJ and CSLL payable</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,866</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,503</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Tax on value added - IVA (Paraguay/Bolivia)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,030</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">649</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Other taxes payable</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,787</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,452</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Current</td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">16,659</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">15,437</td><td style="font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">PIS and COFINS payable</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,175</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,114</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">IRPJ and CSLL payable</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">12,805</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,379</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Tax on value added - IVA (Paraguay/Bolivia)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">10,140</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">10,329</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: left">Non-current</td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">38,120</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">30,822</td><td style="font-weight: bold; text-align: left"> </td></tr>
</table>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Note</td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; text-align: left">Trade accounts payable</td><td style="width: 1%"> </td>
<td style="width: 11%; text-align: center"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">103,659</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">67,192</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Taxes payable</td><td> </td>
<td style="text-align: center">16.1</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,659</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,437</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Dividends payable</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32,785</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">54,869</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Advances to customers</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,767</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">34,291</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Other liabilities</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">6,160</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,513</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: left">Total current</td><td> </td>
<td style="text-align: center"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">176,029</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">174,302</td><td style="font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Taxes payable</td><td> </td>
<td style="text-align: center">16.1</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">38,120</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">30,822</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Other liabilities</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">8,699</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,904</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Total noncurrent</td><td> </td>
<td style="text-align: center"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">46,819</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">36,726</td><td style="font-weight: bold; text-align: left"> </td></tr>
</table>
103659000
67192000
16659000
15437000
32785000
54869000
16767000
34291000
6160000
2513000
176029000
174302000
38120000
30822000
8699000
5904000
46819000
36726000
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: left">ISS payable</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">722</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">948</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Withholding taxes</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">500</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,086</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">PIS and COFINS payable</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,754</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,799</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">IRPJ and CSLL payable</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,866</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,503</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Tax on value added - IVA (Paraguay/Bolivia)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,030</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">649</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Other taxes payable</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,787</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,452</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Current</td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">16,659</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">15,437</td><td style="font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">PIS and COFINS payable</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,175</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,114</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">IRPJ and CSLL payable</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">12,805</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,379</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Tax on value added - IVA (Paraguay/Bolivia)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">10,140</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">10,329</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: left">Non-current</td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">38,120</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">30,822</td><td style="font-weight: bold; text-align: left"> </td></tr>
</table>
722000
948000
500000
1086000
4754000
4799000
7866000
6503000
1030000
649000
1787000
1452000
16659000
15437000
15175000
11114000
12805000
9379000
10140000
10329000
38120000
30822000
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>17.</b></td><td style="text-align: justify"><b>Loans, financing and debentures</b></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annual interest rates and<br/> charges - %</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Index</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 40%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agricultural cost</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed rate + CDI</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8% to 15</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7% to 15</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">197,647</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104,211</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agricultural costs (USD)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed rate</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3% to 7</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3% to 8</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122,883</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,450</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agricultural cost (PYG)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed rate</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11% a 12</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,364</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,458</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment and Expansion</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed rate</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3% to 10</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8% to 10</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50,283</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29,664</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Working capital (USD)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed rate</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">— </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3% to 8</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,739</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Machinery financing</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed rate</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9% to 12</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3% to 13</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,509</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,060</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New sugarcane</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed rate</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14,001</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,291</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debentures</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed rate + IPCA</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5% to 12%</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5% to 12%</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">489,564</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">472,765</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(-) Transaction cost</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,732</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7,700</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">885,519</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">681,938</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">355,841</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">177,311</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-current</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">529,678</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">504,627</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Caption:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: 0.25in">USD – U.S.
currency (dollar)</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: left; text-indent: 0.5in">PYG – Paraguayan
currency (Guarani)</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: left; text-indent: 0.5in">IPCA – National
consumer price index</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: left; text-indent: 0.5in">CDI – Interbank
certificate of deposit</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Maturities of current and non-current loans, financing
and debentures are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: left">1 year</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">355,841</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">177,311</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">2 years</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">214,531</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">36,873</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">3 years</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">198,023</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">152,755</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">4 years</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">36,177</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">188,003</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">5 years</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">36,177</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">42,097</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Above 5 years</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">44,770</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">84,899</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">885,519</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">681,938</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Changes in loans and financing during the year ended
June 30, 2025 and 2024 are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="padding-left: 0.125in; text-indent: -0.125in"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Contracting</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Payment of principal</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Payment Interest</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Appropriation of interest</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Business combination (Note 2.3)</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Foreign exchange variation</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; width: 20%; text-align: left">Agricultural cost</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">104,211</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">254,045</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">(159,720</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">(16,449</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">15,560</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-728">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-729">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">197,647</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Agricultural costs (USD)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,450</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">166,752</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(77,116</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(5,032</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,705</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">21,581</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,457</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">122,883</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Agricultural costs (PYG)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,458</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,709</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(7,324</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,484</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,556</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-730">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(551</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">12,364</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Financing for Investment and Expansion</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">29,664</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">19,095</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,045</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(922</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,491</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-731">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-732">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">50,283</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Working capital</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-733">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-734">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(82</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(7</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-735">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">89</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-736">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-737">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Working capital (USD)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">25,739</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-738">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(25,286</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,496</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">840</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-739">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">203</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-740">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Financing of machinery</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,060</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-741">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(7,656</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(759</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">565</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,431</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(132</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,509</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Financing of sugarcane</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">21,291</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-742">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,200</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,056</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">966</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-743">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-744">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14,001</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Debentures</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">472,765</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-745">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-746">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(35,681</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">52,480</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-747">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-748">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">489,564</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">(-) Transaction cost</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(7,700</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-749">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-750">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-751">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,968</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-752">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-753">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5,732</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">At June 30, 2025</td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">681,938</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">443,601</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(284,429</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(63,886</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">84,131</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">31,101</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(6,937</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">885,519</td><td style="font-weight: bold; text-align: left"> </td></tr>
</table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="padding-left: 0.125in; text-indent: -0.125in"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Contracting</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Payment of principal</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Payment Interest</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Appropriation of interest</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Foreign exchange variation</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; width: 30%; text-align: left">Agricultural cost financing</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">149,404</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">188,094</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">(231,140</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">(19,806</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">17,659</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-754">— </div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">104,211</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Agricultural cost financing abroad</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">24,156</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">19,183</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(14,836</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,283</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,975</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,713</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32,908</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Bahia project financing</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">28,734</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-755">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,045</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(84</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,059</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-756">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">29,664</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Working Capital Financing</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">24,771</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,976</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(7,755</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,374</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,326</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,795</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">25,739</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Financing of working capital (USD)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,808</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-757">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-758">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-759">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">252</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-760">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,060</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Sugarcane Financing</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">28,281</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">75,000</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(81,907</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,823</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,740</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-761">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">21,291</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Debentures</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">301,767</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">165,000</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(14,250</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(17,503</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">37,751</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-762">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">472,765</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Transaction costs</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5,283</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(4,196</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-763">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-764">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,779</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-765">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(7,700</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">554,638</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">448,057</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(350,933</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(43,873</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">65,541</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">8,508</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">681,938</td><td style="font-weight: bold; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">a)</td><td style="text-align: justify"><span style="text-decoration:underline">Loans and Financing</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><i>Covenants</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">All loans and financing contracts above
are in Reais and have specific terms and conditions defined in the respective contracts with governmental economic and development agencies
that directly or indirectly grant those loans. At June 30, 2025 the Company’s financial agreements did not require compliance with
financial covenants, but rather only operating covenants, on which the Company is in compliance.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: 0in"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">b)</td><td style="text-align: justify"><span style="text-decoration:underline">Debentures</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">3<sup>st</sup> Issue</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">On November 16, 2023, 165,000 (one
hundred and sixty-five thousand) debentures were issued totaling R$165,000, non-convertible into shares, single series, with a total term
of 7 (seven) years. The debentures will be amortized in November of each year from 2027 until 2030. Interest of 12.16% p.a. will be payable
over the principal amount, which will be paid in 7 (seven) annual installments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The debentures have a real guarantee
in the form of a fiduciary sale of properties owned by the Company registered under registration numbers 6,254 and 6,267, all at the General
Property Registry Office of the District of Correntina – BA.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">2<sup>nd</sup> Issue</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">On May 5, 2021, the Company issued
two hundred forty thousand (240,000) non-convertible debentures in the aggregate amount of R$240,000, in a single series, with total duration
of seven (7) years.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The debentures will be amortized in
two (2) equal installments due on April 13, 2027 and April 12, 2028, with compensatory interest on the amount of principal corresponding
to the Broad National Consumer Price Index (IPCA) plus 5.3658% p.a., to be paid in seven (7) annual instalments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Debentures were linked to a securitization
transaction and backed by the issue of Certificates of Agribusiness Receivables ("CRA"), pursuant to CVM Instruction 400/03
and CVM Instruction 600/18. The Debentures are backed by security interest in the form of fiduciary sale of the properties owned by the
Company and registered under numbers 6,257, 6,335, 6,377, 6,405 and 6,462, all at the Real Estate Registry Office of Correntina, Bahia.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><i>Covenants</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The debentures have covenants related
to the maintenance of certain financial indicators, based on the ratio of net debt to fair value of investment properties. Failure
by the Company to attain these indicators during the term of the debentures may entail advance maturity of the debt.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">As of June 30, 2025, the Company is
in compliance with the covenants described above.</p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annual interest rates and<br/> charges - %</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Index</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 40%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agricultural cost</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed rate + CDI</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8% to 15</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7% to 15</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">197,647</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104,211</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agricultural costs (USD)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed rate</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3% to 7</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3% to 8</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122,883</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,450</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agricultural cost (PYG)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed rate</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11% a 12</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,364</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,458</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment and Expansion</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed rate</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3% to 10</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8% to 10</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50,283</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29,664</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Working capital (USD)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed rate</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">— </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3% to 8</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,739</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Machinery financing</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed rate</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9% to 12</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3% to 13</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,509</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,060</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New sugarcane</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed rate</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14,001</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,291</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debentures</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed rate + IPCA</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5% to 12%</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5% to 12%</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">489,564</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">472,765</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(-) Transaction cost</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,732</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7,700</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">885,519</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">681,938</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">355,841</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">177,311</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-current</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">529,678</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">504,627</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table>
Fixed rate + CDI
0.08
0.15
0.07
0.15
197647000
104211000
Fixed rate
0.03
0.07
0.03
0.08
122883000
16450000
Fixed rate
0.11
0.11
0.12
12364000
16458000
Fixed rate
0.03
0.10
0.08
0.10
50283000
29664000
Fixed rate
0.03
0.08
25739000
Fixed rate
0.09
0.12
0.03
0.13
4509000
3060000
Fixed rate
0.06
0.06
14001000
21291000
Fixed rate + IPCA
0.05
0.12
0.05
0.12
489564000
472765000
-5732000
-7700000
885519000
681938000
355841000
177311000
529678000
504627000
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Maturities of current and non-current loans, financing
and debentures are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: left">1 year</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">355,841</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">177,311</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">2 years</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">214,531</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">36,873</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">3 years</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">198,023</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">152,755</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">4 years</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">36,177</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">188,003</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">5 years</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">36,177</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">42,097</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Above 5 years</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">44,770</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">84,899</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">885,519</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">681,938</td><td style="text-align: left"> </td></tr>
</table>
355841000
177311000
214531000
36873000
198023000
152755000
36177000
188003000
36177000
42097000
44770000
84899000
885519000
681938000
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Changes in loans and financing during the year ended
June 30, 2025 and 2024 are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="padding-left: 0.125in; text-indent: -0.125in"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Contracting</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Payment of principal</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Payment Interest</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Appropriation of interest</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Business combination (Note 2.3)</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Foreign exchange variation</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; width: 20%; text-align: left">Agricultural cost</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">104,211</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">254,045</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">(159,720</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">(16,449</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">15,560</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-728">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-729">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">197,647</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Agricultural costs (USD)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,450</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">166,752</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(77,116</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(5,032</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,705</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">21,581</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,457</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">122,883</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Agricultural costs (PYG)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,458</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,709</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(7,324</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,484</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,556</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-730">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(551</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">12,364</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Financing for Investment and Expansion</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">29,664</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">19,095</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,045</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(922</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,491</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-731">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-732">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">50,283</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Working capital</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-733">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-734">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(82</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(7</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-735">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">89</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-736">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-737">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Working capital (USD)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">25,739</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-738">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(25,286</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,496</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">840</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-739">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">203</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-740">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Financing of machinery</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,060</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-741">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(7,656</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(759</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">565</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,431</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(132</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,509</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Financing of sugarcane</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">21,291</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-742">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,200</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,056</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">966</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-743">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-744">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14,001</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Debentures</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">472,765</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-745">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-746">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(35,681</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">52,480</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-747">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-748">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">489,564</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">(-) Transaction cost</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(7,700</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-749">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-750">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-751">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,968</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-752">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-753">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5,732</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">At June 30, 2025</td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">681,938</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">443,601</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(284,429</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(63,886</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">84,131</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">31,101</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(6,937</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">885,519</td><td style="font-weight: bold; text-align: left"> </td></tr>
</table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="padding-left: 0.125in; text-indent: -0.125in"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Contracting</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Payment of principal</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Payment Interest</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Appropriation of interest</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Foreign exchange variation</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; width: 30%; text-align: left">Agricultural cost financing</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">149,404</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">188,094</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">(231,140</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">(19,806</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">17,659</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-754">— </div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">104,211</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Agricultural cost financing abroad</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">24,156</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">19,183</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(14,836</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,283</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,975</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,713</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32,908</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Bahia project financing</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">28,734</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-755">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,045</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(84</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,059</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-756">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">29,664</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Working Capital Financing</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">24,771</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,976</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(7,755</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,374</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,326</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,795</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">25,739</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Financing of working capital (USD)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,808</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-757">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-758">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-759">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">252</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-760">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,060</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Sugarcane Financing</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">28,281</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">75,000</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(81,907</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,823</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,740</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-761">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">21,291</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Debentures</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">301,767</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">165,000</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(14,250</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(17,503</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">37,751</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-762">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">472,765</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Transaction costs</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5,283</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(4,196</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-763">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-764">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,779</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-765">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(7,700</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">554,638</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">448,057</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(350,933</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(43,873</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">65,541</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">8,508</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">681,938</td><td style="font-weight: bold; text-align: left"> </td></tr>
</table>
104211000
254045000
-159720000
-16449000
15560000
197647000
16450000
166752000
-77116000
-5032000
6705000
21581000
-6457000
122883000
16458000
3709000
-7324000
-1484000
1556000
-551000
12364000
29664000
19095000
-1045000
-922000
3491000
50283000
-82000
-7000
89000
25739000
-25286000
-1496000
840000
203000
3060000
-7656000
-759000
565000
9431000
-132000
4509000
21291000
-6200000
-2056000
966000
14001000
472765000
-35681000
52480000
489564000
-7700000
1968000
-5732000
681938000
443601000
-284429000
-63886000
84131000
31101000
-6937000
885519000
149404000
188094000
-231140000
-19806000
17659000
104211000
24156000
19183000
-14836000
-2283000
1975000
4713000
32908000
28734000
-1045000
-84000
2059000
29664000
24771000
4976000
-7755000
-2374000
2326000
3795000
25739000
2808000
252000
3060000
28281000
75000000
-81907000
-1823000
1740000
21291000
301767000
165000000
-14250000
-17503000
37751000
472765000
-5283000
-4196000
1779000
-7700000
554638000
448057000
-350933000
-43873000
65541000
8508000
681938000
165000000
165000000
P7Y
The debentures will be amortized in November of each year from 2027 until 2030.
0.1216
-240000
240000000
0.053658
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>18.</b></td><td style="text-align: justify"><b>Income and social contribution taxes</b></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>18.1. Deferred taxes</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Deferred income and social contribution
tax assets and liabilities are offset when there is a legal right to offset tax credits against tax liabilities, and provided that they
refer to the same tax authority and the same legal entity.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The fiscal year for income tax and
social contribution calculation purposes is different from that adopted by the Company for the preparation of its consolidated financial
statements, which ends June 30 of each year.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Deferred income tax and social contribution
tax assets and liabilities as of June 30, 2025, and 2024 are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="padding-left: 0.125in; text-indent: -0.125in"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Assets</td><td> </td>
<td colspan="2" style="text-align: right"> </td><td> </td><td> </td>
<td colspan="2" style="text-align: right"> </td><td> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Noncurrent</td><td> </td>
<td colspan="2" style="text-align: right"> </td><td> </td><td> </td>
<td colspan="2" style="text-align: right"> </td><td> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; width: 76%; text-align: left">Tax loss</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">205,319</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">129,892</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Financial lease</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">43,653</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">36,622</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Contingency, bonuses and fair value</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">30,747</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">28,885</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Hedge</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">560</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">19,275</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Allowance for expected credit losses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">726</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">726</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Difference in cost of farms</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">170</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">170</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Share-based incentive plan (ILPA)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,085</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">612</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Provision of other accounts payable and receivable</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,798</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">673</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Impairment of investment</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,654</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,654</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Subscription warrant</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">43</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">43</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">286,755</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">218,552</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Liabilities</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Noncurrent</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Biological assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">25,149</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">36,830</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Present value adjustment and other provisions</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,138</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,944</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Derivative financial instruments</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,950</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">— </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Surplus on investment</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,733</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,733</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Costs of transactions</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,949</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,618</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Provision of residual value and useful life of PPE assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,602</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,977</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Accelerated depreciation of assets for rural activity</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">92,428</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">76,732</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Deferred taxes on surplus value of PPE and investment property – Acquisition of Agrifirma</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">18,541</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">18,406</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">157,490</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">150,240</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Net balance</td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">129,265</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">68,312</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The balances are presented in the balance
sheet as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; width: 76%; text-align: left">Net deferred assets</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">166,145</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">88,031</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Net deferred liabilities</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(36,880</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(19,719</td><td style="text-align: left">)</td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The net
change in deferred income tax is as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 88%; font-weight: bold; text-align: left">At June 30, 2023</td><td style="width: 1%; font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; width: 9%; font-weight: bold; text-align: right">9,486</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Tax losses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">81,298</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Adjustments in biological assets and agricultural products</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(19,983</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Financial lease</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,946</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Provisions for contingency and fair value</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(13,673</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Derivative financial instruments</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">28,085</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Costs of transactions</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(822</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Provision for other accounts payable and receivable</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(304</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Accelerated depreciation of assets for rural activity</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(24,208</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Subscription warrant</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(632</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Deferred taxes on surplus value</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">34</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Share-based incentive plan (ILPA)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(915</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: left">At June 30, 2024</td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">68,312</td><td style="font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Tax losses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">41,966</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Adjustments in biological assets and agricultural products</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,681</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Financial lease</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,097</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Provisions for contingency and fair value</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,831</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Derivative financial instruments</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(21,665</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Costs of transactions</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">669</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Provision for other accounts payable and receivable</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,125</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Accelerated depreciation of assets for rural activity</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(10,261</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Deferred taxes on goodwill</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(135</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Share-based incentive plan (ILPA)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">473</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Temporary differences related to PPE</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(625</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Acquisitions - business combination (Note 2.3)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">28,797</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: left">At June 30, 2025</td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">129,265</td><td style="font-weight: bold; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The expected realization of deferred
tax assets are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom; ">
<td style="text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 88%; text-align: left">2026</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">44,287</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">2027</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">19,719</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">2028</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">61,645</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">2029</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">39,980</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">2030 to 2035</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">121,124</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">286,755</td><td style="font-weight: bold; text-align: left"> </td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>18.2.
Income and social contribution tax expenses</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; text-align: left">Income before income and social contribution taxes</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">124,648</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">191,515</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">281,709</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">Combined nominal rate of income tax and social contribution taxes – %</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">34</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">34</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">34</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(42,380</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(65,115</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(95,781</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Share of loss in a Joint Venture</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(484</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(20</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(24</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Management bonus</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(726</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(596</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(639</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Fair value variation of accounts receivable from sale of farms</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,744</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(657</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,821</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Non-deductible expenses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(48</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(140</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Net effect of profit taxed abroad</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(107</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(307</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,459</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Net effect of subsidiaries taxed whose profit is computed as a percentage of gross revenue (*)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">56,057</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">96,914</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">81,133</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1.5pt; text-align: left">Other permanent addition/exclusion</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,685</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,273</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,224</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Income and social contribution taxes for the year</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">13,371</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">35,352</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(13,173</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Current</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(19,315</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(23,474</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(53,224</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">Deferred</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">32,686</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">58,826</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">40,051</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">13,371</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">35,352</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">(13,173</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 4pt">Effective tax rate</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">11</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">18</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">-5</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(*)</td><td style="text-align: justify">For some of our real estate subsidiaries, profit tax is measured
based on the regime whereby profit is computed as a percentage of gross revenue, i.e., income tax is determined on a simplified base
to calculate the taxable profit (32% for lease revenues, 8% for sale of farms and 100% for other earnings). This results effectively
in taxing the profit of subsidiaries at a rate lower than if taxable income were based on accounting records.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Deferred income tax and social contribution
tax assets and liabilities as of June 30, 2025, and 2024 are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="padding-left: 0.125in; text-indent: -0.125in"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Assets</td><td> </td>
<td colspan="2" style="text-align: right"> </td><td> </td><td> </td>
<td colspan="2" style="text-align: right"> </td><td> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Noncurrent</td><td> </td>
<td colspan="2" style="text-align: right"> </td><td> </td><td> </td>
<td colspan="2" style="text-align: right"> </td><td> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; width: 76%; text-align: left">Tax loss</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">205,319</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">129,892</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Financial lease</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">43,653</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">36,622</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Contingency, bonuses and fair value</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">30,747</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">28,885</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Hedge</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">560</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">19,275</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Allowance for expected credit losses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">726</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">726</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Difference in cost of farms</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">170</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">170</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Share-based incentive plan (ILPA)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,085</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">612</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Provision of other accounts payable and receivable</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,798</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">673</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Impairment of investment</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,654</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,654</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Subscription warrant</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">43</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">43</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">286,755</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">218,552</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Liabilities</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Noncurrent</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Biological assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">25,149</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">36,830</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Present value adjustment and other provisions</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,138</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,944</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Derivative financial instruments</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,950</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">— </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Surplus on investment</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,733</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,733</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Costs of transactions</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,949</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,618</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Provision of residual value and useful life of PPE assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,602</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,977</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Accelerated depreciation of assets for rural activity</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">92,428</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">76,732</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Deferred taxes on surplus value of PPE and investment property – Acquisition of Agrifirma</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">18,541</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">18,406</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-left: 0.125in; text-indent: -0.125in"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">157,490</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">150,240</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Net balance</td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">129,265</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">68,312</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The balances are presented in the balance
sheet as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; width: 76%; text-align: left">Net deferred assets</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">166,145</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">88,031</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Net deferred liabilities</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(36,880</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(19,719</td><td style="text-align: left">)</td></tr>
</table>
205319000
129892000
43653000
36622000
30747000
28885000
560000
19275000
726000
726000
170000
170000
1085000
612000
2798000
673000
1654000
1654000
43000
43000
286755000
218552000
25149000
36830000
7138000
6944000
2950000
1733000
1733000
1949000
2618000
7602000
6977000
92428000
76732000
18541000
18406000
157490000
150240000
129265000
68312000
166145000
88031000
-36880000
-19719000
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The net
change in deferred income tax is as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 88%; font-weight: bold; text-align: left">At June 30, 2023</td><td style="width: 1%; font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; width: 9%; font-weight: bold; text-align: right">9,486</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Tax losses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">81,298</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Adjustments in biological assets and agricultural products</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(19,983</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Financial lease</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,946</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Provisions for contingency and fair value</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(13,673</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Derivative financial instruments</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">28,085</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Costs of transactions</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(822</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Provision for other accounts payable and receivable</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(304</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Accelerated depreciation of assets for rural activity</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(24,208</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Subscription warrant</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(632</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Deferred taxes on surplus value</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">34</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Share-based incentive plan (ILPA)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(915</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: left">At June 30, 2024</td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">68,312</td><td style="font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Tax losses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">41,966</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Adjustments in biological assets and agricultural products</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,681</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Financial lease</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,097</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Provisions for contingency and fair value</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,831</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Derivative financial instruments</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(21,665</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Costs of transactions</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">669</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Provision for other accounts payable and receivable</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,125</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Accelerated depreciation of assets for rural activity</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(10,261</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Deferred taxes on goodwill</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(135</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Share-based incentive plan (ILPA)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">473</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Temporary differences related to PPE</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(625</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Acquisitions - business combination (Note 2.3)</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">28,797</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: left">At June 30, 2025</td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">129,265</td><td style="font-weight: bold; text-align: left"> </td></tr>
</table>
9486000
81298000
-19983000
9946000
-13673000
28085000
-822000
-304000
-24208000
-632000
34000
-915000
68312000
41966000
11681000
6097000
1831000
-21665000
669000
2125000
-10261000
-135000
473000
-625000
28797000
129265000
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The expected realization of deferred
tax assets are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom; ">
<td style="text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 88%; text-align: left">2026</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">44,287</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">2027</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">19,719</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">2028</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">61,645</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">2029</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">39,980</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">2030 to 2035</td><td> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">121,124</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">286,755</td><td style="font-weight: bold; text-align: left"> </td></tr>
</table>
44287000
19719000
61645000
39980000
121124000
286755000
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; text-align: left">Income before income and social contribution taxes</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">124,648</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">191,515</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">281,709</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">Combined nominal rate of income tax and social contribution taxes – %</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">34</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">34</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">34</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(42,380</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(65,115</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(95,781</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Share of loss in a Joint Venture</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(484</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(20</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(24</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Management bonus</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(726</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(596</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(639</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Fair value variation of accounts receivable from sale of farms</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,744</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(657</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,821</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Non-deductible expenses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(48</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(140</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Net effect of profit taxed abroad</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(107</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(307</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,459</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Net effect of subsidiaries taxed whose profit is computed as a percentage of gross revenue (*)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">56,057</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">96,914</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">81,133</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1.5pt; text-align: left">Other permanent addition/exclusion</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,685</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,273</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,224</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Income and social contribution taxes for the year</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">13,371</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">35,352</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(13,173</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Current</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(19,315</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(23,474</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(53,224</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">Deferred</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">32,686</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">58,826</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">40,051</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">13,371</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">35,352</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">(13,173</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 4pt">Effective tax rate</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">11</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">18</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">-5</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(*)</td><td style="text-align: justify">For some of our real estate subsidiaries, profit tax is measured
based on the regime whereby profit is computed as a percentage of gross revenue, i.e., income tax is determined on a simplified base
to calculate the taxable profit (32% for lease revenues, 8% for sale of farms and 100% for other earnings). This results effectively
in taxing the profit of subsidiaries at a rate lower than if taxable income were based on accounting records.</td>
</tr></table>
124648000
191515000
281709000
0.34
0.34
0.34
-42380000
-65115000
-95781000
-484
-20
-24
-726000
-596000
-639000
3744000
-657000
5821000
-48000
-140000
-107000
-307000
-1459000
56057000
96914000
81133000
-2685000
5273000
-2224000
13371000
35352000
-13173000
-19315000
-23474000
-53224000
32686000
58826000
40051000
13371000
35352000
-13173000
0.11
0.18
-0.05
0.32
0.08
1
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>19.</b></td><td style="text-align: justify"><b>Other liabilities</b></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: left">Variable consideration for acquisition of Agrifirma</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">610</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">610</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Alto da Serra Farm (a)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">22,530</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32,303</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Novo Horizonte (note 2.3)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,305</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-766">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">24,445</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">32,913</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Current</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,082</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,357</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Non-current</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17,363</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">24,556</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.25in">(a)</td><td style="text-align: justify">Refers to the acquisition of assets (Cultural treatments, Ratchets and Soil preparation), arising from
the lease contract carried out on March 12, 2024, as per note 2.2.1, the obligation is recorded at present value and will be settled within
five years.</td></tr></table>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: left">Variable consideration for acquisition of Agrifirma</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">610</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">610</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Alto da Serra Farm (a)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">22,530</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32,303</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Novo Horizonte (note 2.3)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,305</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-766">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">24,445</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">32,913</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Current</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,082</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,357</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Non-current</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17,363</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">24,556</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.25in">(a)</td><td style="text-align: justify">Refers to the acquisition of assets (Cultural treatments, Ratchets and Soil preparation), arising from
the lease contract carried out on March 12, 2024, as per note 2.2.1, the obligation is recorded at present value and will be settled within
five years.</td></tr></table>
610000
610000
22530000
32303000
1305000
24445000
32913000
7082000
8357000
17363000
24556000
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>20.</b></td><td style="text-align: justify"><b>Equity</b></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: 21.3pt"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">a)</td><td style="text-align: justify"><span style="text-decoration:underline">Capital (number of shares)</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number of shares</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center"><b>6/30/2025</b></td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="7" style="border-bottom: Black 1.5pt solid; text-align: center"><b>6/30/2024</b></td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 52%; text-align: left">Cresud</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">35,138,225</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">34.2</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">35,138,225</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">34.2</td><td style="width: 1%; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Charles River Capital</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,428,001</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9.2</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,929,540</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10.6</td><td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Elie Horn</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,072,969</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5.9</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,098,269</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5.9</td><td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Officers</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,174,774</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1.1</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">859,339</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.8</td><td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Treasury</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,067,987</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3.0</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,067,987</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3.0</td><td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">47,801,488</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">46.6</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">46,590,084</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">45.4</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 4pt">Total shares of paid-up capital</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">102,683,444</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">100</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">102,683,444</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">100</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 4pt">Total outstanding shares</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">63,302,458</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">63,617,893</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The amount shown in “Total outstanding
shares” is net of treasury shares and Management shares (shares held by members of the Board of Directors, Fiscal Council, Audit
Committee and Statutory Board of Executive Officers).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company is authorized to increase
its capital, without requiring prior changes to its statutes, up to the limit of R$3,000,000, upon approval of the Board of Directors.
On June 30, 2025, the Company’s subscribed and paid-up capital was R$1,587,988 (R$1,587,988 on June 30, 2024).</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">b)</td><td style="text-align: justify"><span style="text-decoration:underline">Capital reserve</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Capital Reserves are comprised of amounts
received by BrasilAgro, from capital contributions that are not recorded in other capital accounts.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Share premium</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The share premium arose on the acquisition
of the subsidiary Agrifirma on January 27, 2020. The transaction was conducted via transfer of shares and generated a difference between
capital increase and equity increase that gave rise to the reserve. The reserve was created because the capital increase was calculated
based on the shareholders’ equity of Agrifirma Holding (company merged in the process) as of June 30, 2019, while the equity increase
considered only one of the three share classes involved in the agreement (Unrestricted shares). The other two classes of shares that compose
the price were classified under liabilities (Note 19).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The composition of the reserves follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number of shares</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: left">Unrestricted shares</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">4,402,404</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">97,569</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">Restricted shares</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">812,981</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">18,018</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Shares issued in the initial exchange ratio / Capital increase</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">5,215,385</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">115,587</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Unrestricted shares (final exchange ratio) / Capital increase</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">4,044,654</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">82,021</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Reserve of goodwill on share issue</td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(33,566</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">Return of shares – Acquisition of Agrifirma</td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">35,188</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">1,622</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Agrifirma acquisition agreement
envisages a possible price adjustment if certain contingencies, identified on the transaction date, come to occur and negatively impacting
the Company or the selling shareholders. The agreement allows the obligation to be settled in cash or in shares in the Company. Accordingly,
a certain number of shares under the agreement remains blocked as a guarantee.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The amount blocked has been written
off and is currently R$610, the write-offs were made due to the end of the lock-up period and the agreements signed subsequently, that
allowed early release.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Share-based payment</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The provisions recorded for the ILPA Plan
total R$3,192. The remaining amount of the terminated plans has a balance of (R$1,976), resulting in an outstanding balance of R$1,216
on June 30, 2025 ((R$176) on June 30, 2024) (Note 24).</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">c)</td><td style="text-align: justify">Income reserves</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Legal reserve </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Pursuant to article 193 of Law No.
6404/76 and article 36, item (a), 5% of the Company’s net income at the end of each year, before any other allocation, is appropriated
to a legal reserve, which cannot exceed 20% of the share capital account.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company stops appropriating to
the legal reserve if the balance of reserve, plus the amount of capital reserve set forth in item 1, of article 182, of Law No. 6404/76,
exceeds 30% of the share capital account. The legal reserve is intended to preserve the Company’s share capital and may only be used to
offset loss and/or increase capital.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Reserve for investment and expansion</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">According to article 36, item (c),
of BrasilAgro’s articles of incorporation and article 196 of Law No. 6404/76, BrasilAgro may allocate the remaining portion
of adjusted net income for the year ended, to reserve for investment and expansion, subject to approval on the General Shareholders’
Meeting.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The balance of the retained profits
reserve, except for the reserves of unrealized profit and reserves for contingencies, may not exceed the amount of capital. Once this
maximum limit is reached, the General Meeting may resolve on the investment of the exceeding portion in the payment, increase of capital
or in dividend distribution.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">d)</td><td style="text-align: justify"><span style="text-decoration:underline">Dividends</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">On October 24, 2024, the Company approved
the payment of dividends at the Annual and Extraordinary Shareholders Meeting based on the financial statements of June 30, 2024. The
amount of R$53,881 refers to the minimum mandatory dividend and R$101,119 to the Supplemental dividends proposed. The dividends declared
were paid on November 12, 2024. In accordance with article 40 of the Bylaws, dividends not received or claimed prescribe after three years
from the date they were made available to the shareholder and will revert to the Company.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Pursuant to article 36, of the Company’s
Bylaws, net income for the year is to be allocated as follows after appropriations to the legal reserve: (i) 25% of adjusted net income
will be destined for the payment of mandatory dividends; (ii) the remaining portion may be destined for Supplemental dividends approved
at the Shareholders Meeting; and (iii) the balance to the reserve for investment and expansion, in compliance with Federal Law 6,404/76.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The appropriation of net income is
as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: left">Income for the year</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">138,019</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">226,867</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">(-) Constitution of legal reserve (5% of net income)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(6,901</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(11,343</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Adjusted profit for the year</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">131,118</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">215,524</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">(-) Mandatory minimum dividends - 25% of adjusted net income</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(32,780</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(53,881</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-bottom: 1.5pt; text-align: left">(-) Additional dividends proposed</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(42,220</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(101,119</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Proposed dividends</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(75,000</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(155,000</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">(-) Additional dividends proposed on profit reserve</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-767">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-768">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total dividends</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(75,000</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(155,000</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Constitution of reserve for investments and expansion</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">56,118</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">60,524</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Total shares of paid up capital (per thousand shares)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">102,683</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">102,683</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">(-) Treasury shares (per thousand shares)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,068</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,068</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1.5pt; text-align: left">(=) Outstanding shares (per thousand shares)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">99,615</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">99,615</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 4pt">Dividend per share (R$)</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">0.75</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">1.51</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">e)</td><td style="text-align: justify"><span style="text-decoration:underline">Other comprehensive income</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">On June 30, 2025, the effects of the
exchange rate variation resulting from the translation of the financial information of companies abroad, had a negative effect of R$7,463
(R$54,768 on June 30, 2024), with a cumulative effect of R$110,924 (R$118,387 on June 30, 2024).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">f)</td><td style="text-align: justify"><span style="text-decoration:underline">Treasury shares</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Under article 20, item XII of the
Bylaws of the Company, the Board of Directors is responsible, among others established in the law or the Bylaws, for deliberating on the
acquisition by the Company of shares issued by itself, to be held in treasury and/or later cancellation or sale.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Changes in treasury shares in the
year are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Treasury shares</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number of shares</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount<br/>
(R$)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: left; padding-bottom: 1.5pt">At June 30, 2023</td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">3,571,179</td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">50,807</td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">Transfer of shares – ILPA Plan</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(503,192</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(7,159</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">At June 30, 2024</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">3,067,987</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">43,648</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 4pt">At June 30, 2025</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">3,067,987</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">43,648</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr>
</table>
<span style="text-decoration:underline">Capital (number of shares)</span><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number of shares</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center"><b>6/30/2025</b></td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="7" style="border-bottom: Black 1.5pt solid; text-align: center"><b>6/30/2024</b></td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 52%; text-align: left">Cresud</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">35,138,225</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">34.2</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">35,138,225</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">34.2</td><td style="width: 1%; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Charles River Capital</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,428,001</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9.2</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,929,540</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10.6</td><td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Elie Horn</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,072,969</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5.9</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,098,269</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5.9</td><td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Officers</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,174,774</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1.1</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">859,339</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.8</td><td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Treasury</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,067,987</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3.0</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,067,987</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3.0</td><td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">47,801,488</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">46.6</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">46,590,084</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">45.4</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 4pt">Total shares of paid-up capital</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">102,683,444</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">100</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">102,683,444</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">100</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 4pt">Total outstanding shares</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">63,302,458</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">63,617,893</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
35138225
0.342
35138225
0.342
9428001
0.092
10929540
0.106
6072969
0.059
6098269
0.059
1174774
0.011
859339
0.008
3067987
0.03
3067987
0.03
47801488
0.466
46590084
0.454
102683444
1
102683444
1
63302458
63617893
The amount shown in “Total outstanding
shares” is net of treasury shares and Management shares (shares held by members of the Board of Directors, Fiscal Council, Audit
Committee and Statutory Board of Executive Officers).
3000000000
1587988000
1587988000
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The composition of the reserves follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number of shares</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: left">Unrestricted shares</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">4,402,404</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">97,569</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">Restricted shares</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">812,981</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">18,018</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Shares issued in the initial exchange ratio / Capital increase</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">5,215,385</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">115,587</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Unrestricted shares (final exchange ratio) / Capital increase</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">4,044,654</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">82,021</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Reserve of goodwill on share issue</td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(33,566</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">Return of shares – Acquisition of Agrifirma</td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">35,188</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">1,622</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr>
</table>
4402404
97569000
812981
18018000
5215385
115587000
4044654
82021000
-33566000
35188000
-1622000
610000
3192000
1976000
1216000
176000
Pursuant to article 193 of Law No.
6404/76 and article 36, item (a), 5% of the Company’s net income at the end of each year, before any other allocation, is appropriated
to a legal reserve, which cannot exceed 20% of the share capital account.The Company stops appropriating to
the legal reserve if the balance of reserve, plus the amount of capital reserve set forth in item 1, of article 182, of Law No. 6404/76,
exceeds 30% of the share capital account. The legal reserve is intended to preserve the Company’s share capital and may only be used to
offset loss and/or increase capital.
53881000
101119000
In accordance with article 40 of the Bylaws, dividends not received or claimed prescribe after three years
from the date they were made available to the shareholder and will revert to the Company.Pursuant to article 36, of the Company’s
Bylaws, net income for the year is to be allocated as follows after appropriations to the legal reserve: (i) 25% of adjusted net income
will be destined for the payment of mandatory dividends; (ii) the remaining portion may be destined for Supplemental dividends approved
at the Shareholders Meeting; and (iii) the balance to the reserve for investment and expansion, in compliance with Federal Law 6,404/76.
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The appropriation of net income is
as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: left">Income for the year</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">138,019</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">226,867</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">(-) Constitution of legal reserve (5% of net income)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(6,901</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(11,343</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Adjusted profit for the year</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">131,118</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">215,524</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">(-) Mandatory minimum dividends - 25% of adjusted net income</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(32,780</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(53,881</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-bottom: 1.5pt; text-align: left">(-) Additional dividends proposed</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(42,220</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(101,119</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Proposed dividends</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(75,000</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(155,000</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">(-) Additional dividends proposed on profit reserve</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-767">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-768">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total dividends</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(75,000</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(155,000</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Constitution of reserve for investments and expansion</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">56,118</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">60,524</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Total shares of paid up capital (per thousand shares)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">102,683</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">102,683</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">(-) Treasury shares (per thousand shares)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,068</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,068</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1.5pt; text-align: left">(=) Outstanding shares (per thousand shares)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">99,615</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">99,615</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 4pt">Dividend per share (R$)</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">0.75</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">1.51</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
138019000
226867000
0.05
0.05
-6901000
-11343000
131118000
215524000
0.25
0.25
-32780000
-53881000
-42220000
-101119000
-75000000
-155000000
75000000
155000000
56118000
60524000
102683
102683
-3068
-3068
99615
99615
0.75
1.51
7463000
54768000
110924000
118387000
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Changes in treasury shares in the
year are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Treasury shares</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number of shares</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount<br/>
(R$)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: left; padding-bottom: 1.5pt">At June 30, 2023</td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">3,571,179</td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">50,807</td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">Transfer of shares – ILPA Plan</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(503,192</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(7,159</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">At June 30, 2024</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">3,067,987</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">43,648</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 4pt">At June 30, 2025</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">3,067,987</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">43,648</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr>
</table>
3571179
50807000
-503192
-7159000
3067987
43648000
3067987
43648000
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>21. Segment information</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The segment information is presented
in a manner consistent with the internal report provided to the chief operating decision maker, that is the Executive Board, responsible
for allocating resources, assessing the performance of the operating segments, and for making the Company’s strategic decisions.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The segment information is based on
information used by BrasilAgro management to assess the performance of the operating segments and to make decisions on the investment
of funds. The Company has six segments, namely: (i) real estate, (ii) grains, (iii) sugarcane, (iv) cattle, (v) cotton and (vi) other,
basically represented by insignificant services and crops. The operating assets related to these segments are located in Brazil, Paraguay
and Bolivia.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The main activity of the grains segment
is the production and sale of soybean, corn and beans.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The sugarcane segment includes the
sale of the raw product.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The real estate segment presents a
statement of operations for the Company’s subsidiaries.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The cattle segment consists of producing
and selling beef calves after weaning, (breeding and fattening of cattle).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The cotton segment is engaged primarily
in the production and sale of cotton lint and seed.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The main performance metric assessed
by the Executive Board is gross profit (loss).</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The selected
P&L and assets information by segment, which were measured in accordance with the same accounting practices used in the preparation
of the financial statements, are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1.5pt; font-weight: bold; text-align: center"> </td>
<td colspan="32" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Agricultural activity</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Real estate</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Grains</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Cotton</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Sugarcane</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Cattle
raising</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Others (a)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Corporate</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in"> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; width: 20%; text-align: left">Net revenue</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">877,443</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">9,325</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">431,978</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">87,890</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">322,189</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">25,470</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">591</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-769">-</div></td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Gain from sale of farm</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">180,086</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">180,086</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-770">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-771">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-772">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-773">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-774">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-775">-</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Changes in fair value of biological assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">122,671</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-776">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">71,798</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(5,421</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">41,812</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17,728</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,246</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-777">-</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Reversal of provision for agricultural products after harvest</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(8,069</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-778">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(5,732</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,174</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-779">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-780">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(163</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-781">-</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1.5pt">Cost of sales</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(833,910</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,151</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(422,135</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(82,544</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(284,684</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(23,805</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(18,591</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-782">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Gross income</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">338,221</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">187,260</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">75,909</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,249</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">79,317</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">19,393</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(21,409</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-783">-</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Operating income (expenses)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Selling expenses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(59,511</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,927</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(38,722</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(13,369</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(27</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(466</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-784">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-785">-</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">General and administrative expenses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(67,488</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-786">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-787">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-788">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-789">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-790">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-791">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(67,488</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Other operating income</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4,753</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-792">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-793">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-794">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-795">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-796">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-797">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4,753</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Equity in results of associates</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,424</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-798">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-799">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-800">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-801">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-802">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-803">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,424</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Operating income (loss)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">205,045</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">180,333</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">37,187</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(15,618</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">79,290</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">18,927</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(21,409</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(73,665</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Financial income</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">337,510</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">154,412</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">64,522</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,559</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,021</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">947</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-804">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">103,049</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Financial expenses</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(417,906</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(190,499</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(33,249</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,007</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(17,857</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,018</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-805">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(172,276</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Net income (loss) before taxes</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">124,649</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">144,246</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">68,460</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(9,066</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">67,454</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17,856</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(21,409</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(142,892</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Income and social contribution taxes</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">13,371</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(13,326</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(23,276</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,082</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(22,934</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(6,071</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,279</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">68,617</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt">Net income (loss) for the year</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">138,020</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">130,920</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">45,184</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(5,984</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">44,520</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">11,785</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(14,130</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(74,275</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,834,877</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,375,913</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">437,265</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">129,965</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">255,144</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">68,279</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">80,913</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">487,398</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total liabilities</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,657,148</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">450,229</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">327,525</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(152</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,101</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-806">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-807">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">873,445</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(a)</td><td style="text-align: justify">Amount mostly related to the allocation of labor and other
costs in the farm support area and costs with waste disposal and other products (millet, sorghum).</td>
</tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="30" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Agricultural activity</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Total</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Real estate</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Grains</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Cotton</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Sugarcane</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Cattle raising</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Other</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Corporate</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in"> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; width: 20%; text-align: left">Net revenue</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">771,126</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">14,284</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">410,788</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">77,971</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">236,393</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">29,599</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">2,091</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-808">-</div></td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Gain from sale of farm</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">248,375</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">248,375</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-809">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-810">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-811">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-812">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-813">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-814">-</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Gain (loss) on fair value of biological assets and agricultural products</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">40,499</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-815">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">27,213</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,798</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">21,996</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,704</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,804</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-816">-</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Reversal of provision for agricultural products after harvest</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,091</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-817">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(552</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(393</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-818">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-819">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(146</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-820">-</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1.5pt">Cost of sales</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(747,019</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,107</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(401,745</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(73,519</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(212,925</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(30,026</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(26,697</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-821">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Gross income</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">311,890</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">260,552</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">35,704</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,857</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">45,464</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(7,131</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(31,556</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-822">-</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Operating income (expenses)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Selling expenses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(55,064</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-823">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(38,741</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(9,494</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(144</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(428</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,257</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-824">-</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">General and administrative expenses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(65,534</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-825">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-826">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-827">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-828">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-829">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-830">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(65,534</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Other operating income</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(5,427</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-831">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-832">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-833">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-834">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-835">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-836">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(5,427</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Equity pickup</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(58</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-837">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-838">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-839">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-840">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-841">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-842">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(58</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Operating income (loss)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">185,807</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">260,552</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,037</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(637</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">45,320</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(7,559</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(37,813</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(71,019</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Financial income</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">312,916</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">152,042</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">84,695</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,215</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,071</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">801</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-843">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">65,092</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Financial expenses</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(307,208</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(107,051</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(30,841</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(4,458</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(6,931</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(808</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-844">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(157,119</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Net income (loss) before taxes</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">191,515</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">305,543</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">50,817</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,120</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">42,460</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(7,566</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(37,813</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(163,046</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Income and social contribution taxes</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">35,352</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(19,247</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(17,278</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(381</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(14,436</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,572</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,857</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">71,265</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt">Net income (loss) for the year</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">226,867</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">286,296</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">33,539</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">739</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">28,024</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(4,994</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(24,956</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(91,781</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,605,082</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,352,537</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">347,363</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">94,603</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">252,622</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">44,392</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">57,436</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">456,129</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total liabilities</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,425,403</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">394,973</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">169,670</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,400</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">26,080</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-845">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-846">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">825,280</td><td style="text-align: left"> </td></tr>
</table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-indent: 0in; padding-left: 0.25in"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="30" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Agricultural activity</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in; padding-left: 0.25in; text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Total</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Real estate</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Grains</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Cotton</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Sugarcane</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Cattle raising</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Other</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Corporate</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; width: 20%; text-align: left">Net revenue</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">903,372</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">14,893</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">579,018</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">38,195</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">244,830</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">24,807</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">1,629</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-847">-</div></td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Gain from sale of farm</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">346,065</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">346,065</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-848">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-849">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-850">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-851">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-852">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-853">-</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Gain (loss) on fair value of biological assets and agricultural products</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">78,238</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-854">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">111,304</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,631</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,903</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(13,824</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(8,708</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-855">-</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Reversal of provision for agricultural products after harvest</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(47,708</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-856">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(47,168</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(509</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-857">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-858">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(31</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-859">-</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Cost of sales</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(886,225</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(6,190</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(556,554</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(34,565</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(242,165</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(25,536</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(21,215</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-860">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Gross income</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">393,742</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">354,768</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">86,600</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(510</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4,238</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(14,553</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(28,325</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-861">-</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Operating income (expenses)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Selling expenses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(41,008</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,190</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(33,633</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,394</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,068</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(553</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(170</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-862">-</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">General and administrative expenses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(65,792</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-863">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-864">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-865">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-866">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-867">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-868">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(65,792</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Other operating income</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(11,049</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-869">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-870">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-871">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-872">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-873">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-874">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(11,049</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Equity pickup</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(70</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-875">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-876">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-877">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-878">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-879">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-880">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(70</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Operating income (loss)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">275,823</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">352,578</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">52,967</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,904</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(5,306</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(15,106</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(28,495</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(76,911</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Financial income</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">330,491</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">67,985</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">54,009</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">759</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,690</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,470</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-881">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">195,578</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Financial expenses</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(324,605</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(116,861</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(46,777</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,440</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(158</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(642</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-882">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(158,727</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Net income (loss) before taxes</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">281,709</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">303,702</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(60,199</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4,585</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,226</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(13,278</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(28,495</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(40,060</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Income and social contribution taxes</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(13,173</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5,912</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(20,468</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,559</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,437</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,515</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">9,689</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,119</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt">Net income (loss) for the year</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">268,536</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">297,790</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">39,731</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(3,026</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">2,789</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(8,763</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(18,806</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(41,179</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,508,075</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,418,129</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">259,859</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">34,347</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">97,393</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">54,271</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">106,479</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,537,597</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total liabilities</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,310,933</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">473,999</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">86,120</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">555,081</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-883">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-884">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">195,725</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The balance sheet accounts are mainly
represented by “Trade accounts receivables”, “Biological assets”, “Inventories of agricultural products”
and “Investment properties”.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">a)</td><td style="text-align: justify">Information on concentration of clients</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">In the year ended June 30, 2025, the
Company has three customers individually representing 10% or more of consolidated revenues, representing 52.9% of the total sales of the
Company. Of these three customers, one accounts for 64% of the revenues from the sugarcane segment and two account for 50% of the revenues
from the grain/cotton segments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">In the year ended June 30, 2024, the
Company has four clients individually representing 10% or more of consolidated revenues, representing 43.5% of the total revenues of the
Company. Of these three clients, one account for 56.8% of the revenues from the sugarcane segment and two account for 41.1% of the revenues
from the grain/cotton segments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">In the year ended June 30, 2023, the
Company has four clients individually representing 10% or more of consolidated revenues, representing 45.8% of the total revenues of the
Company. Of these four clients, two account for 63.1% of the revenues from the sugarcane segment and two account for 42% of the revenues
from the grain/cotton segments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">There
are no clients in other segments that represent 10% or more of revenue of total sales.</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">b)</td><td style="text-align: justify">Geographic information</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Revenues and noncurrent assets, excluding
financial instruments, income tax and social contribution, deferred assets and rights arising from insurance contracts of the Consolidated,
are distributed as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Brazil</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center"><b>Paraguay and Bolivia</b></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 28%; text-align: left">Net revenue</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">813,303</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">693,617</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">815,589</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">64,140</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">77,509</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">87,783</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Non-current</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,665,648</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,411,720</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,260,255</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">466,077</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">459,639</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">394,547</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The selected
P&L and assets information by segment, which were measured in accordance with the same accounting practices used in the preparation
of the financial statements, are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1.5pt; font-weight: bold; text-align: center"> </td>
<td colspan="32" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Agricultural activity</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Real estate</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Grains</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Cotton</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Sugarcane</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Cattle
raising</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Others (a)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Corporate</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in"> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; width: 20%; text-align: left">Net revenue</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">877,443</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">9,325</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">431,978</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">87,890</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">322,189</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">25,470</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">591</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-769">-</div></td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Gain from sale of farm</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">180,086</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">180,086</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-770">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-771">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-772">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-773">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-774">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-775">-</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Changes in fair value of biological assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">122,671</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-776">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">71,798</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(5,421</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">41,812</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17,728</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,246</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-777">-</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Reversal of provision for agricultural products after harvest</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(8,069</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-778">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(5,732</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,174</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-779">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-780">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(163</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-781">-</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1.5pt">Cost of sales</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(833,910</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,151</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(422,135</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(82,544</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(284,684</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(23,805</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(18,591</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-782">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Gross income</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">338,221</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">187,260</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">75,909</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,249</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">79,317</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">19,393</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(21,409</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-783">-</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Operating income (expenses)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Selling expenses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(59,511</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,927</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(38,722</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(13,369</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(27</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(466</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-784">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-785">-</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">General and administrative expenses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(67,488</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-786">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-787">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-788">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-789">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-790">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-791">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(67,488</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Other operating income</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4,753</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-792">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-793">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-794">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-795">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-796">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-797">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4,753</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Equity in results of associates</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,424</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-798">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-799">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-800">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-801">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-802">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-803">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,424</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Operating income (loss)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">205,045</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">180,333</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">37,187</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(15,618</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">79,290</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">18,927</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(21,409</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(73,665</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Financial income</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">337,510</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">154,412</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">64,522</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,559</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,021</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">947</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-804">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">103,049</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Financial expenses</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(417,906</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(190,499</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(33,249</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,007</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(17,857</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,018</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-805">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(172,276</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Net income (loss) before taxes</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">124,649</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">144,246</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">68,460</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(9,066</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">67,454</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17,856</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(21,409</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(142,892</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Income and social contribution taxes</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">13,371</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(13,326</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(23,276</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,082</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(22,934</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(6,071</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,279</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">68,617</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt">Net income (loss) for the year</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">138,020</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">130,920</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">45,184</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(5,984</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">44,520</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">11,785</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(14,130</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(74,275</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,834,877</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,375,913</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">437,265</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">129,965</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">255,144</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">68,279</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">80,913</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">487,398</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total liabilities</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,657,148</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">450,229</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">327,525</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(152</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,101</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-806">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-807">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">873,445</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(a)</td><td style="text-align: justify">Amount mostly related to the allocation of labor and other
costs in the farm support area and costs with waste disposal and other products (millet, sorghum).</td>
</tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="30" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Agricultural activity</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Total</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Real estate</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Grains</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Cotton</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Sugarcane</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Cattle raising</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Other</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Corporate</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in"> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; width: 20%; text-align: left">Net revenue</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">771,126</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">14,284</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">410,788</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">77,971</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">236,393</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">29,599</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">2,091</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-808">-</div></td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Gain from sale of farm</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">248,375</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">248,375</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-809">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-810">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-811">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-812">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-813">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-814">-</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Gain (loss) on fair value of biological assets and agricultural products</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">40,499</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-815">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">27,213</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,798</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">21,996</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,704</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,804</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-816">-</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Reversal of provision for agricultural products after harvest</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,091</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-817">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(552</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(393</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-818">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-819">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(146</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-820">-</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1.5pt">Cost of sales</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(747,019</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,107</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(401,745</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(73,519</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(212,925</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(30,026</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(26,697</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-821">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Gross income</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">311,890</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">260,552</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">35,704</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,857</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">45,464</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(7,131</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(31,556</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-822">-</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Operating income (expenses)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Selling expenses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(55,064</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-823">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(38,741</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(9,494</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(144</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(428</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,257</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-824">-</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">General and administrative expenses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(65,534</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-825">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-826">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-827">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-828">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-829">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-830">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(65,534</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Other operating income</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(5,427</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-831">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-832">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-833">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-834">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-835">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-836">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(5,427</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Equity pickup</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(58</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-837">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-838">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-839">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-840">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-841">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-842">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(58</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Operating income (loss)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">185,807</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">260,552</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,037</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(637</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">45,320</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(7,559</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(37,813</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(71,019</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Financial income</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">312,916</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">152,042</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">84,695</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,215</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,071</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">801</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-843">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">65,092</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Financial expenses</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(307,208</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(107,051</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(30,841</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(4,458</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(6,931</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(808</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-844">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(157,119</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Net income (loss) before taxes</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">191,515</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">305,543</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">50,817</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,120</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">42,460</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(7,566</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(37,813</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(163,046</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Income and social contribution taxes</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">35,352</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(19,247</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(17,278</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(381</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(14,436</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,572</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,857</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">71,265</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt">Net income (loss) for the year</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">226,867</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">286,296</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">33,539</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">739</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">28,024</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(4,994</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(24,956</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(91,781</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,605,082</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,352,537</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">347,363</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">94,603</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">252,622</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">44,392</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">57,436</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">456,129</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total liabilities</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,425,403</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">394,973</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">169,670</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,400</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">26,080</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-845">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-846">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">825,280</td><td style="text-align: left"> </td></tr>
</table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-indent: 0in; padding-left: 0.25in"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="30" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Agricultural activity</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in; padding-left: 0.25in; text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Total</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Real estate</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Grains</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Cotton</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Sugarcane</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Cattle raising</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Other</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Corporate</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; width: 20%; text-align: left">Net revenue</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">903,372</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">14,893</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">579,018</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">38,195</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">244,830</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">24,807</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">1,629</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-847">-</div></td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Gain from sale of farm</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">346,065</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">346,065</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-848">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-849">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-850">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-851">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-852">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-853">-</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Gain (loss) on fair value of biological assets and agricultural products</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">78,238</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-854">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">111,304</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,631</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,903</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(13,824</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(8,708</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-855">-</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Reversal of provision for agricultural products after harvest</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(47,708</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-856">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(47,168</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(509</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-857">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-858">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(31</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-859">-</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Cost of sales</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(886,225</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(6,190</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(556,554</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(34,565</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(242,165</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(25,536</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(21,215</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-860">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Gross income</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">393,742</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">354,768</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">86,600</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(510</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4,238</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(14,553</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(28,325</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-861">-</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Operating income (expenses)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Selling expenses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(41,008</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,190</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(33,633</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,394</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,068</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(553</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(170</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-862">-</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">General and administrative expenses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(65,792</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-863">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-864">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-865">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-866">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-867">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-868">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(65,792</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Other operating income</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(11,049</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-869">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-870">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-871">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-872">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-873">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-874">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(11,049</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Equity pickup</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(70</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-875">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-876">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-877">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-878">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-879">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-880">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(70</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Operating income (loss)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">275,823</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">352,578</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">52,967</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,904</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(5,306</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(15,106</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(28,495</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(76,911</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Financial income</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">330,491</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">67,985</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">54,009</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">759</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,690</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,470</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-881">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">195,578</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Financial expenses</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(324,605</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(116,861</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(46,777</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,440</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(158</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(642</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-882">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(158,727</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Net income (loss) before taxes</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">281,709</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">303,702</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(60,199</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4,585</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,226</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(13,278</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(28,495</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(40,060</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Income and social contribution taxes</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(13,173</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5,912</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(20,468</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,559</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,437</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,515</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">9,689</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,119</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt">Net income (loss) for the year</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">268,536</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">297,790</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">39,731</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(3,026</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">2,789</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(8,763</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(18,806</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(41,179</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,508,075</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,418,129</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">259,859</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">34,347</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">97,393</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">54,271</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">106,479</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,537,597</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total liabilities</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,310,933</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">473,999</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">86,120</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">555,081</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-883">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-884">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">195,725</td><td style="text-align: left"> </td></tr>
</table>
877443000
9325000
431978000
87890000
322189000
25470000
591000
180086000
180086000
122671000
71798000
-5421000
41812000
17728000
-3246000
8069000
5732000
2174000
163000
833910000
2151000
422135000
82544000
284684000
23805000
18591000
338221000
187260000
75909000
-2249000
79317000
19393000
-21409000
59511000
6927000
38722000
13369000
27000
466000
67488000
67488000
-4753000
-4753000
-1424000
-1424000
205045000
180333000
37187000
-15618000
79290000
18927000
-21409000
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337510000
154412000
64522000
8559000
6021000
947000
103049000
417906000
190499000
33249000
2007000
17857000
2018000
172276000
124649000
144246000
68460000
-9066000
67454000
17856000
-21409000
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-13371000
13326000
23276000
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22934000
6071000
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138020000
130920000
45184000
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44520000
11785000
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3834877000
2375913000
437265000
129965000
255144000
68279000
80913000
487398000
1657148000
450229000
327525000
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6101000
873445000
771126000
14284000
410788000
77971000
236393000
29599000
2091000
248375000
248375000
40499000
27213000
4798000
21996000
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-6804000
1091000
552000
393000
146000
747019000
2107000
401745000
73519000
212925000
30026000
26697000
311890000
260552000
35704000
8857000
45464000
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55064000
38741000
9494000
144000
428000
6257000
65534000
65534000
-5427000
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-58000
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185807000
260552000
-3037000
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45320000
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312916000
152042000
84695000
6215000
4071000
801000
65092000
307208000
107051000
30841000
4458000
6931000
808000
157119000
191515000
305543000
50817000
1120000
42460000
-7566000
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-163046000
-35352000
19247000
17278000
381000
14436000
-2572000
-12857000
-71265000
226867000
286296000
33539000
739000
28024000
-4994000
-24956000
-91781000
3605082000
2352537000
347363000
94603000
252622000
44392000
57436000
456129000
1425403000
394973000
169670000
9400000
26080000
825280000
903372000
14893000
579018000
38195000
244830000
24807000
1629000
346065000
346065000
78238000
111304000
-3631000
-6903000
-13824000
-8708000
47708000
47168000
509000
31000
886225000
6190000
556554000
34565000
242165000
25536000
21215000
393742000
354768000
86600000
-510000
-4238000
-14553000
-28325000
41008000
2190000
33633000
3394000
1068000
553000
170000
65792000
65792000
-11049000
-11049000
-70000
-70000
275823000
352578000
52967000
-3904000
-5306000
-15106000
-28495000
-76911000
330491000
67985000
54009000
759000
9690000
2470000
195578000
324605000
116861000
46777000
1440000
158000
642000
158727000
281709000
303702000
-60199000
-4585000
4226000
-13278000
-28495000
-40060000
13173000
5912000
20468000
-1559000
1437000
-4515000
-9689000
1119000
268536000
297790000
39731000
-3026000
2789000
-8763000
-18806000
-41179000
3508075000
1418129000
259859000
34347000
97393000
54271000
106479000
1537597000
1310933000
473999000
86120000
8000
555081000
195725000
0.529
0.64
0.50
0.435
0.568
0.411
0.458
0.631
0.42
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Revenues and noncurrent assets, excluding
financial instruments, income tax and social contribution, deferred assets and rights arising from insurance contracts of the Consolidated,
are distributed as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Brazil</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center"><b>Paraguay and Bolivia</b></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 28%; text-align: left">Net revenue</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">813,303</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">693,617</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">815,589</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">64,140</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">77,509</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">87,783</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Non-current</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,665,648</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,411,720</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,260,255</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">466,077</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">459,639</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">394,547</td><td style="text-align: left"> </td></tr>
</table>
813303000
693617000
815589000
64140000
77509000
87783000
1665648000
1411720000
1260255000
466077000
459639000
394547000
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>22.</b></td><td style="text-align: justify"><b>Revenues</b></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">a)</td><td style="text-align: justify"><span style="text-decoration:underline">Operating sales</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; text-align: left">Sales of grains</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">442,530</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">420,072</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">593,787</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Sales of cotton</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">90,583</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">79,800</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">39,600</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Sales of sugarcane</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">325,265</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">239,313</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">247,260</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Sales of beef cattle</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">26,457</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">31,362</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">26,262</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Lease</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,868</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17,833</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17,997</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">Other revenues</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,026</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,400</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,542</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Gross operating revenue</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">901,729</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">795,780</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">930,448</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Sales deductions</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">Taxes on sales</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(24,286</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(24,654</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(27,076</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net revenue</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">877,443</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">771,126</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">903,372</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">b)</td><td style="text-align: justify"><span style="text-decoration:underline">Sale of farms</span></td>
</tr></table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; text-align: left">Sale of farm (i)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">343,113</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">421,549</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">544,995</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">Adjustment to present value</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(101,814</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(127,024</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(99,566</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Gross revenue from sale of farm</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">241,299</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">294,525</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">445,429</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Sales taxes</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(8,304</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(10,751</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(14,811</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1.5pt; text-align: left">Cost of sale of farm</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(52,909</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(35,399</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(84,553</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Gain from sale of farm</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">180,086</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">248,375</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">346,065</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Selling expenses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,825</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(5,787</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(189</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">Income tax and social contribution</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(7,007</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(9,072</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(17,490</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Net gain from sale of farms</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">166,254</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">233,516</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">328,386</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(i)</td><td style="text-align: justify">In compliance with the obligations related to the sale of
farms in previous years, a net revenue of R$5,165 was recognized related to the official measurement of Jatobá Farm (R$902 Rio
do Meio I Farm in June 2023). This condition refers to the variable consideration concept established in IFRS15 – Revenue from
client agreement.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Revenue from the sale of biological
assets is recognized when control of the assets is transferred to the customer, generally upon physical delivery of the assets or as contractually
stipulated. This recognition occurs at a specific point in time, as provided for IFRS 15, which states that an entity should recognize
revenue when (or as) it satisfies a performance obligation by transferring control of a good or service to the customer.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Revenue from the sale of rural properties
is recognized when all criteria for transferring ownership of the asset are met, including the execution of the sale and purchase agreement,
settlement or commencement of payment as agreed, and the transfer of risks and rewards to the buyer. In cases where there are contractual
clauses that imply additional obligations or conditions precedent, the Company assesses whether revenue recognition should occur over
time, in accordance with the ongoing performance criteria established in the standard rule.</p>
a)<span style="text-decoration:underline">Operating sales</span><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; text-align: left">Sales of grains</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">442,530</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">420,072</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">593,787</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Sales of cotton</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">90,583</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">79,800</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">39,600</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Sales of sugarcane</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">325,265</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">239,313</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">247,260</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Sales of beef cattle</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">26,457</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">31,362</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">26,262</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Lease</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,868</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17,833</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17,997</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">Other revenues</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,026</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,400</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,542</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Gross operating revenue</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">901,729</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">795,780</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">930,448</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Sales deductions</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">Taxes on sales</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(24,286</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(24,654</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(27,076</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net revenue</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">877,443</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">771,126</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">903,372</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
</table>
442530000
420072000
593787000
90583000
79800000
39600000
325265000
239313000
247260000
26457000
31362000
26262000
11868000
17833000
17997000
5026000
7400000
5542000
901729000
795780000
930448000
24286000
24654000
27076000
877443000
771126000
903372000
b)<span style="text-decoration:underline">Sale of farms</span><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; text-align: left">Sale of farm (i)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">343,113</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">421,549</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">544,995</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">Adjustment to present value</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(101,814</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(127,024</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(99,566</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Gross revenue from sale of farm</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">241,299</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">294,525</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">445,429</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Sales taxes</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(8,304</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(10,751</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(14,811</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1.5pt; text-align: left">Cost of sale of farm</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(52,909</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(35,399</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(84,553</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Gain from sale of farm</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">180,086</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">248,375</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">346,065</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Selling expenses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,825</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(5,787</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(189</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">Income tax and social contribution</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(7,007</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(9,072</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(17,490</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Net gain from sale of farms</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">166,254</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">233,516</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">328,386</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(i)</td><td style="text-align: justify">In compliance with the obligations related to the sale of
farms in previous years, a net revenue of R$5,165 was recognized related to the official measurement of Jatobá Farm (R$902 Rio
do Meio I Farm in June 2023). This condition refers to the variable consideration concept established in IFRS15 – Revenue from
client agreement.</td>
</tr></table>
343113000
421549000
544995000
-101814000
-127024000
-99566000
241299000
294525000
445429000
-8304000
-10751000
-14811000
-52909000
-35399000
-84553000
180086000
248375000
346065000
-6825000
-5787000
-189000
-7007000
-9072000
-17490000
166254000
233516000
328386000
5165000
902000
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>23.</b></td><td style="text-align: justify"><b>Expenses by nature</b></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Cost of products sold</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Selling expenses</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">General and administrative expenses</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in"> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left">Depreciation and amortization</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">72,243</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-885">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">2,710</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">74,953</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Personnel expenses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">37,359</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,185</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">43,973</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">85,517</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Expenses with service provider</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">173,986</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-886">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,720</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">181,706</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Leasing</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">51,194</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-887">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">707</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">51,901</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Cost of agricultural products</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">372,651</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-888">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-889">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">372,651</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Fair value of adjustment of agricultural products</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">112,815</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-890">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-891">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">112,815</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Freight and storage</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-892">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">48,602</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-893">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">48,602</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">(Reversal) of allowance for doubtful accounts</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-894">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(203</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-895">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(203</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Sale of farm</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-896">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,928</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-897">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,928</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Maintenance, travel expenses and others</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">13,662</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-898">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,378</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">26,040</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt">Period ended June 30, 2025</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">833,910</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">59,512</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">67,488</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">960,910</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Depreciation and amortization</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">78,705</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-899">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,470</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">80,175</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Personnel expenses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">34,109</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,132</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">42,026</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">80,267</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Expenses with service provider</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">198,925</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-900">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,779</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">208,704</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Leasing</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">27,567</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-901">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">637</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">28,204</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Cost of agricultural products</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">369,807</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-902">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-903">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">369,807</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Fair value of adjustment of agricultural products</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17,041</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-904">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-905">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17,041</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Freight and storage</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-906">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">45,145</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-907">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">45,145</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Sale of farm</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-908">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,787</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-909">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,787</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Maintenance, travel expenses and others</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">20,865</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-910">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">11,622</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">32,487</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt">Period ended June 30, 2024</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">747,019</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">55,064</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">65,534</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">867,617</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Depreciation and amortization</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">87,363</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-911">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,128</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">88,491</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Personnel expenses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">36,170</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,884</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">46,205</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">87,259</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Expenses with service provider</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">192,050</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-912">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,790</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">198,840</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Leasing</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32,274</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-913">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">562</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32,836</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Cost of agricultural products</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">370,222</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-914">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-915">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">370,222</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Fair value of adjustment of agricultural products</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">148,260</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-916">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-917">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">148,260</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Freight and storage</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-918">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">33,861</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-919">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">33,861</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Allowance for doubtful accounts</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-920">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,093</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-921">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,093</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Sale of farm</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-922">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">170</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-923">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">170</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Maintenance, travel expenses and others</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">19,886</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-924">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">11,107</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">30,993</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt">Period ended June 30, 2023</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">886,225</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">41,008</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">65,792</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">993,025</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr>
</table>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Cost of products sold</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Selling expenses</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">General and administrative expenses</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in"> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left">Depreciation and amortization</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">72,243</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-885">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">2,710</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">74,953</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Personnel expenses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">37,359</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,185</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">43,973</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">85,517</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Expenses with service provider</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">173,986</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-886">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,720</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">181,706</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Leasing</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">51,194</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-887">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">707</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">51,901</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Cost of agricultural products</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">372,651</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-888">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-889">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">372,651</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Fair value of adjustment of agricultural products</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">112,815</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-890">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-891">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">112,815</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Freight and storage</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-892">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">48,602</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-893">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">48,602</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">(Reversal) of allowance for doubtful accounts</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-894">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(203</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-895">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(203</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Sale of farm</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-896">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,928</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-897">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,928</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Maintenance, travel expenses and others</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">13,662</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-898">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,378</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">26,040</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt">Period ended June 30, 2025</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">833,910</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">59,512</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">67,488</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">960,910</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Depreciation and amortization</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">78,705</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-899">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,470</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">80,175</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Personnel expenses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">34,109</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,132</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">42,026</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">80,267</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Expenses with service provider</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">198,925</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-900">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,779</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">208,704</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Leasing</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">27,567</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-901">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">637</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">28,204</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Cost of agricultural products</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">369,807</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-902">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-903">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">369,807</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Fair value of adjustment of agricultural products</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17,041</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-904">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-905">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17,041</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Freight and storage</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-906">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">45,145</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-907">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">45,145</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Sale of farm</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-908">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,787</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-909">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,787</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Maintenance, travel expenses and others</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">20,865</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-910">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">11,622</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">32,487</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt">Period ended June 30, 2024</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">747,019</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">55,064</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">65,534</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">867,617</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Depreciation and amortization</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">87,363</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-911">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,128</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">88,491</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Personnel expenses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">36,170</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,884</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">46,205</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">87,259</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Expenses with service provider</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">192,050</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-912">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,790</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">198,840</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Leasing</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32,274</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-913">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">562</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32,836</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Cost of agricultural products</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">370,222</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-914">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-915">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">370,222</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Fair value of adjustment of agricultural products</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">148,260</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-916">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-917">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">148,260</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Freight and storage</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-918">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">33,861</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-919">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">33,861</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Allowance for doubtful accounts</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-920">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,093</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-921">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,093</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Sale of farm</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-922">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">170</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-923">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">170</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Maintenance, travel expenses and others</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">19,886</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-924">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">11,107</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">30,993</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt">Period ended June 30, 2023</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">886,225</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">41,008</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">65,792</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">993,025</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr>
</table>
72243000
2710000
74953000
37359000
4185000
43973000
85517000
173986000
7720000
181706000
51194000
707000
51901000
372651000
372651000
112815000
112815000
48602000
48602000
-203000
-203000
6928000
6928000
13662000
12378000
26040000
833910000
59512000
67488000
960910000
78705000
1470000
80175000
34109000
4132000
42026000
80267000
198925000
9779000
208704000
27567000
637000
28204000
369807000
369807000
17041000
17041000
45145000
45145000
5787000
5787000
20865000
11622000
32487000
747019000
55064000
65534000
867617000
87363000
1128000
88491000
36170000
4884000
46205000
87259000
192050000
6790000
198840000
32274000
562000
32836000
370222000
370222000
148260000
148260000
33861000
33861000
2093000
2093000
170000
170000
19886000
11107000
30993000
886225000
41008000
65792000
993025000
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>24.</b></td><td style="text-align: justify"><b>Share based payments</b></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.05pt">On October 2,
2017, the Shareholders Meeting approved the creation of a long-term share-based plan (“ILPA Plan”) under which participants
are entitled to a certain number of shares if they remain with the Company during the vesting period and achieve certain key performance
indicators (“KPIs”).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.05pt">The ILPA Plan
establishes that the Board of Directors has broad powers to implement it. The shares to be granted under the ILPA Plan cannot exceed the
cumulative limit of 2% of shares issued by the Company.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.05pt">The shares are
granted if participants remain with the Company until the end of the vesting period and achieve certain KPIs. Appreciation of the AGRO3
stock is one of the pillars of the program and if a minimum percentage is not reached, participants will not be entitled to receive any
shares. If the stock appreciation KPI is achieved, the number of shares to be granted will be divided in three ranges based on the level
of achievement of three other KPIs and are adjusted by the dividends per share distributed during the vesting period. Apart from the AGRO3
stock price, performance indicators include operating profitability, sales of farms and capitalization of resources.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.05pt">The 3rd ILPA
Plan began on July 1, 2023. The fair value of the benefit is estimated at R$13.34 and R$15.94, depending on the participant’s profile,
and is valid for three years. The fair value of the benefit was determined based on the AGRO3 share price on the grant date and the likely
share price range at the end of the vesting period. The expense is adjusted for this review, and the effects are recognized prospectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.05pt">The
total number of shares that may be vested by June 30, 2026, is determined based on the achievement of KPIs and divided into the following
categories:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.05pt"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Top</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Target</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Floor</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; text-align: justify">Complete Plan - total shares</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">765,779</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">478,778</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">313,173</td><td style="width: 1%; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.05pt">The main assumptions
adopted in measuring the fair value of the instruments granted under the 3rd ILPA Plan, based on pricing models that consider market variables
and specific characteristics of the plan, are:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.05pt"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Share price at the start of the plan 03/07/2023</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">R$24.85</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Share projection – DI</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">R$32.90</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 88%; text-align: left">Annual volatility</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">34.1</td><td style="width: 1%; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Start of the plan</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">07/01/2023</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Maturity</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">06/30/2026</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">DI rate - 1 day</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9.8</td><td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Share price volatility during the period</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$14.68</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Modeling</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Black-Scholes</span></td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.05pt">The ILPA Plan
is accounted for in accordance with IFRS 2, given that the Company receives services from participants and, in exchange, undertakes to
deliver its own shares. Provisions for the ILPA Plan total R$3,192. The remaining amount of terminated plans has a balance of R$1,976,
resulting in an outstanding balance of R$1,216 as of June 30, 2025.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.05pt">The expected
share delivery at the “Floor” KPI after the vesting period is shown below:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.05pt"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number of shares</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Balance on 06/30/2023</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-925">-</div></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="width: 88%; text-align: left">Granted</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">313,173</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Balance on 06/30/2024</td><td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">313,173</td><td style="font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Canceled</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(29,656</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Balance on 06/30/2025</td><td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">288,517</td><td style="font-weight: bold; text-align: left"> </td></tr>
</table>
0.02
13340
15940
P3Y
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.05pt">The
total number of shares that may be vested by June 30, 2026, is determined based on the achievement of KPIs and divided into the following
categories:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.05pt"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Top</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Target</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Floor</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; text-align: justify">Complete Plan - total shares</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">765,779</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">478,778</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">313,173</td><td style="width: 1%; text-align: left"> </td></tr>
</table>
765779
478778
313173
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.05pt">The main assumptions
adopted in measuring the fair value of the instruments granted under the 3rd ILPA Plan, based on pricing models that consider market variables
and specific characteristics of the plan, are:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.05pt"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Share price at the start of the plan 03/07/2023</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">R$24.85</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Share projection – DI</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">R$32.90</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 88%; text-align: left">Annual volatility</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">34.1</td><td style="width: 1%; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Start of the plan</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">07/01/2023</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Maturity</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">06/30/2026</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">DI rate - 1 day</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9.8</td><td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Share price volatility during the period</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$14.68</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Modeling</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Black-Scholes</span></td><td style="text-align: left"> </td></tr>
</table>
24.85
32.9
0.341
2023-07-01
2026-06-30
0.098
14.68
Black-Scholes
3192000
1976000
1216000
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.05pt">The expected
share delivery at the “Floor” KPI after the vesting period is shown below:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.05pt"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number of shares</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Balance on 06/30/2023</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-925">-</div></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="width: 88%; text-align: left">Granted</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">313,173</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Balance on 06/30/2024</td><td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">313,173</td><td style="font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Canceled</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(29,656</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Balance on 06/30/2025</td><td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">288,517</td><td style="font-weight: bold; text-align: left"> </td></tr>
</table>
313173
313173
29656
288517
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>25.</b></td><td style="text-align: justify"><b>Other operating expenses, net</b></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: 0in"><b> </b></p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; text-align: left">Income (loss) on sale of PPE</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,056</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">(212</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">(3,605</td><td style="width: 1%; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Expenses with acquisitions of new businesses (i)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4,804</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-926">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,248</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Provision for legal claims</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">338</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">437</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,127</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Gain from indemnities</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(290</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Agricultural losses (ii)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-927">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-928">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,525</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Donations to BrasilAgro Institute (v)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,314</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,000</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(8,500</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Gain from indemnities (iii)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-929">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-930">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,526</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Warrants and restricted shares (iv)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-931">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,859</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,232</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Impairment on investment (vi)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-932">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-933">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4,865</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Gain from bargain purchase (nota 2.3)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">348</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-934">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-935">-</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(87</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(793</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(937</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-bottom: 4pt"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(4,753</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(5,427</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(11,049</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(i)</td><td style="text-align: justify">In 2023, the amount refers to expenses with commission on
lease agreements. In 2025, the amount refers to intermediation expenses incurred in the process of acquiring Novo Horizonte, prospecting
for new business and compensation for the sale of farms.</td>
</tr></table>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(ii)</td><td style="text-align: justify">Basically, it refers to operating losses in sugarcane harvesting
due to adverse climate conditions in the subsidiary Yuchan.</td>
</tr></table>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(iii)</td><td style="text-align: justify">Indemnity received due to the early settlement under the
Agrifirma agreement.</td>
</tr></table>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(iv)</td><td style="text-align: justify">The gains and losses reflect the residual liabilities from
the acquisition of Agrifirma, measured at fair value. The liabilities correspond to a number of warrants and restricted shares (Note
19), which may vary and, therefore, are classified as financial instruments, recognized as liabilities and measured at fair value based
on the Company’s share price.</td>
</tr></table>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(v)</td><td style="text-align: justify">Non-profit organization of the Brasilagro group that coordinates
all social initiatives of the Company.</td>
</tr></table>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(vi)</td><td style="text-align: justify">Refers to the impairment determined during the Agrofy investment
period.</td>
</tr></table>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; text-align: left">Income (loss) on sale of PPE</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,056</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">(212</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">(3,605</td><td style="width: 1%; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Expenses with acquisitions of new businesses (i)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4,804</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-926">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,248</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Provision for legal claims</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">338</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">437</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,127</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Gain from indemnities</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(290</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Agricultural losses (ii)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-927">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-928">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,525</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Donations to BrasilAgro Institute (v)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,314</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,000</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(8,500</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Gain from indemnities (iii)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-929">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-930">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,526</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Warrants and restricted shares (iv)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-931">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,859</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,232</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Impairment on investment (vi)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-932">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-933">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4,865</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Gain from bargain purchase (nota 2.3)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">348</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-934">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-935">-</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(87</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(793</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(937</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-bottom: 4pt"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(4,753</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(5,427</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(11,049</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(i)</td><td style="text-align: justify">In 2023, the amount refers to expenses with commission on
lease agreements. In 2025, the amount refers to intermediation expenses incurred in the process of acquiring Novo Horizonte, prospecting
for new business and compensation for the sale of farms.</td>
</tr></table>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(ii)</td><td style="text-align: justify">Basically, it refers to operating losses in sugarcane harvesting
due to adverse climate conditions in the subsidiary Yuchan.</td>
</tr></table>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(iii)</td><td style="text-align: justify">Indemnity received due to the early settlement under the
Agrifirma agreement.</td>
</tr></table>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(iv)</td><td style="text-align: justify">The gains and losses reflect the residual liabilities from
the acquisition of Agrifirma, measured at fair value. The liabilities correspond to a number of warrants and restricted shares (Note
19), which may vary and, therefore, are classified as financial instruments, recognized as liabilities and measured at fair value based
on the Company’s share price.</td>
</tr></table>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(v)</td><td style="text-align: justify">Non-profit organization of the Brasilagro group that coordinates
all social initiatives of the Company.</td>
</tr></table>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(vi)</td><td style="text-align: justify">Refers to the impairment determined during the Agrofy investment
period.</td>
</tr></table>
1056000
-212000
-3605000
4804000
2248000
338000
437000
-2127000
-290000
-2525000
-1314000
-3000000
-8500000
7526000
-1859000
6232000
4865000
348000
-87000
-793000
-937000
-4753000
-5427000
-11049000
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>26.
Financial income and expenses</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: center; padding-left: 0.25in"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Notes</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Financial income</td><td> </td>
<td> </td><td> </td>
<td colspan="2" style="text-align: right"> </td><td> </td><td> </td>
<td colspan="2" style="text-align: right"> </td><td> </td><td> </td>
<td colspan="2" style="text-align: right"> </td><td> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; width: 56%; text-align: left">Interest on marketable securities</td><td style="width: 1%"> </td>
<td style="width: 7%; padding-left: 3.5pt"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">19,297</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">29,428</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">46,776</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Interest on receivable</td><td> </td>
<td style="padding-left: 3.5pt"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,413</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,792</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,497</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Monetary variation(i)</td><td> </td>
<td style="text-align: center; padding-left: 3.5pt"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-936">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">61</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,815</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Foreign exchange variation (ii)</td><td> </td>
<td style="padding-left: 3.5pt"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">25,492</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,603</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">44,710</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Gain on remeasurement of leases (iii)¹</td><td> </td>
<td style="text-align: center; padding-left: 3.5pt"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,210</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">41,376</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,887</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Gain on remeasurement of receivables from sale of farms (iv)¹</td><td> </td>
<td style="padding-left: 3.5pt"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">108,563</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">81,459</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">36,575</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Realized profit from derivative transactions (v)¹</td><td> </td>
<td style="text-align: center; padding-left: 3.5pt">7</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">69,737</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">99,909</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">108,969</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt">Unrealized profit from derivative transactions (vi)¹</td><td style="padding-bottom: 1.5pt"> </td>
<td style="text-align: center; padding-bottom: 1.5pt; padding-left: 3.5pt">7</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">110,798</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">48,288</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">85,262</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; padding-left: 3.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">337,510</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">312,916</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">330,491</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Financial expenses</td><td> </td>
<td style="padding-left: 3.5pt"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Marketable securities charges</td><td> </td>
<td style="padding-left: 3.5pt"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(983</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,777</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,054</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Bank charges</td><td> </td>
<td style="padding-left: 3.5pt"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(5,154</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,250</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,929</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Interest accrued</td><td> </td>
<td style="padding-left: 3.5pt"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(84,350</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(67,220</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(51,526</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Monetary variation (i)</td><td> </td>
<td style="padding-left: 3.5pt"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(57</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(26</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(140</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Foreign exchange variation (ii)</td><td> </td>
<td style="padding-left: 3.5pt"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(25,114</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(12,340</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(41,354</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Gain on remeasurement of leases (iii)¹</td><td> </td>
<td style="padding-left: 3.5pt"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(49,510</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(43,071</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(23,751</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Loss on remeasurement of receivables from sale of farms (iv)¹</td><td> </td>
<td style="text-align: center; padding-left: 3.5pt"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(93,202</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,686</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(90,034</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Realized loss from derivative financial transactions (v)¹</td><td> </td>
<td style="text-align: center; padding-left: 3.5pt">7</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(112,456</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(41,950</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(61,045</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt">Unrealized loss from derivative financial transactions (vi)¹</td><td style="padding-bottom: 1.5pt"> </td>
<td style="text-align: center; padding-bottom: 1.5pt; padding-left: 3.5pt">7</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(47,080</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(130,888</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(50,772</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; padding-left: 3.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(417,906</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(307,208</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(324,605</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt">Financial (expense) income, net</td><td style="padding-bottom: 4pt"> </td>
<td style="padding-bottom: 2.5pt; padding-left: 3.5pt"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">(80,396</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">5,708</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">5,886</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><sup>(1)</sup></td><td style="text-align: justify">Amounts from 2023 revised to better present the net effect
of the financial result from the balances of Leases, Sale of Farms and Derivative Financial Transaction.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: 0.05pt">Net balances are
as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: 0.05pt"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; text-align: left">Monetary variations (i)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">(57</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">35</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,675</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Foreign exchange difference (ii)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">378</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,737</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,356</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Net on remeasurement of leases (iii)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(47,300</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,695</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(20,864</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Net on remeasurement of receivables from sale of farms (iv)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,361</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">74,773</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(53,459</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Realized profit (loss) from derivative financial instruments (v)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(42,719</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">57,959</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">47,924</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Unrealized (loss) profit from Derivative financial instruments (vi)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">63,718</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(82,600</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">34,490</td><td style="text-align: left"> </td></tr>
</table>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: center; padding-left: 0.25in"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Notes</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Financial income</td><td> </td>
<td> </td><td> </td>
<td colspan="2" style="text-align: right"> </td><td> </td><td> </td>
<td colspan="2" style="text-align: right"> </td><td> </td><td> </td>
<td colspan="2" style="text-align: right"> </td><td> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; width: 56%; text-align: left">Interest on marketable securities</td><td style="width: 1%"> </td>
<td style="width: 7%; padding-left: 3.5pt"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">19,297</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">29,428</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">46,776</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Interest on receivable</td><td> </td>
<td style="padding-left: 3.5pt"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,413</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,792</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,497</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Monetary variation(i)</td><td> </td>
<td style="text-align: center; padding-left: 3.5pt"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-936">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">61</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,815</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Foreign exchange variation (ii)</td><td> </td>
<td style="padding-left: 3.5pt"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">25,492</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,603</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">44,710</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Gain on remeasurement of leases (iii)¹</td><td> </td>
<td style="text-align: center; padding-left: 3.5pt"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,210</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">41,376</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,887</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Gain on remeasurement of receivables from sale of farms (iv)¹</td><td> </td>
<td style="padding-left: 3.5pt"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">108,563</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">81,459</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">36,575</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Realized profit from derivative transactions (v)¹</td><td> </td>
<td style="text-align: center; padding-left: 3.5pt">7</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">69,737</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">99,909</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">108,969</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt">Unrealized profit from derivative transactions (vi)¹</td><td style="padding-bottom: 1.5pt"> </td>
<td style="text-align: center; padding-bottom: 1.5pt; padding-left: 3.5pt">7</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">110,798</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">48,288</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">85,262</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; padding-left: 3.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">337,510</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">312,916</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">330,491</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Financial expenses</td><td> </td>
<td style="padding-left: 3.5pt"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Marketable securities charges</td><td> </td>
<td style="padding-left: 3.5pt"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(983</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,777</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,054</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Bank charges</td><td> </td>
<td style="padding-left: 3.5pt"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(5,154</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,250</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,929</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Interest accrued</td><td> </td>
<td style="padding-left: 3.5pt"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(84,350</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(67,220</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(51,526</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Monetary variation (i)</td><td> </td>
<td style="padding-left: 3.5pt"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(57</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(26</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(140</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Foreign exchange variation (ii)</td><td> </td>
<td style="padding-left: 3.5pt"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(25,114</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(12,340</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(41,354</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Gain on remeasurement of leases (iii)¹</td><td> </td>
<td style="padding-left: 3.5pt"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(49,510</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(43,071</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(23,751</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Loss on remeasurement of receivables from sale of farms (iv)¹</td><td> </td>
<td style="text-align: center; padding-left: 3.5pt"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(93,202</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,686</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(90,034</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Realized loss from derivative financial transactions (v)¹</td><td> </td>
<td style="text-align: center; padding-left: 3.5pt">7</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(112,456</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(41,950</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(61,045</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt">Unrealized loss from derivative financial transactions (vi)¹</td><td style="padding-bottom: 1.5pt"> </td>
<td style="text-align: center; padding-bottom: 1.5pt; padding-left: 3.5pt">7</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(47,080</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(130,888</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(50,772</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; padding-left: 3.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(417,906</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(307,208</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(324,605</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt">Financial (expense) income, net</td><td style="padding-bottom: 4pt"> </td>
<td style="padding-bottom: 2.5pt; padding-left: 3.5pt"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">(80,396</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">5,708</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">5,886</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><sup>(1)</sup></td><td style="text-align: justify">Amounts from 2023 revised to better present the net effect
of the financial result from the balances of Leases, Sale of Farms and Derivative Financial Transaction.</td>
</tr></table>
19297000
29428000
46776000
1413000
1792000
3497000
61000
1815000
25492000
10603000
44710000
2210000
41376000
2887000
108563000
81459000
36575000
69737000
99909000
108969000
110798000
48288000
85262000
337510000
312916000
330491000
-983000
-1777000
-2054000
-5154000
-3250000
-3929000
84350000
67220000
51526000
-57000
-26000
-140000
-25114000
-12340000
-41354000
-49510000
-43071000
-23751000
-93202000
-6686000
-90034000
-112456000
-41950000
-61045000
-47080000
-130888000
-50772000
417906000
307208000
324605000
-80396000
5708000
5886000
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: 0.05pt">Net balances are
as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: 0.05pt"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; text-align: left">Monetary variations (i)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">(57</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">35</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,675</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Foreign exchange difference (ii)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">378</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,737</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,356</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Net on remeasurement of leases (iii)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(47,300</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,695</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(20,864</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Net on remeasurement of receivables from sale of farms (iv)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,361</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">74,773</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(53,459</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Realized profit (loss) from derivative financial instruments (v)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(42,719</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">57,959</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">47,924</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Unrealized (loss) profit from Derivative financial instruments (vi)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">63,718</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(82,600</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">34,490</td><td style="text-align: left"> </td></tr>
</table>
-57000
35000
1675000
378000
-1737000
3356000
-47300000
-1695000
-20864000
15361000
74773000
-53459000
-42719000
57959000
47924000
63718000
-82600000
34490000
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>27.</b></td><td style="text-align: justify"><b>Earnings per share</b></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; text-align: left">Net income for the year</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">138,019</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">226,867</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">268,536</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Weighted average number of common shares issued (thousands), net of treasury</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">99,615</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">99,615</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">98,806</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Effect from dilution – shares</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">543</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">459</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">550</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">Weighted average number of common shares issued adjusted by the dilution effect</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">100,158</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">100,074</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">99,356</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 4pt">Basic earnings per share</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">1.3855</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">2.2774</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">2.7178</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 4pt">Diluted earnings per share</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">1.3780</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">2.2670</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">2.7028</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; text-align: left">Net income for the year</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">138,019</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">226,867</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">268,536</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Weighted average number of common shares issued (thousands), net of treasury</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">99,615</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">99,615</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">98,806</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Effect from dilution – shares</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">543</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">459</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">550</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">Weighted average number of common shares issued adjusted by the dilution effect</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">100,158</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">100,074</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">99,356</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 4pt">Basic earnings per share</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">1.3855</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">2.2774</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">2.7178</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 4pt">Diluted earnings per share</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">1.3780</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">2.2670</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">2.7028</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
138019000
226867000
268536000
99615
99615
98806
543
459
550
100158
100074
99356
1.3855
2.2774
2.7178
1.378
2.267
2.7028
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>28.</b></td><td style="text-align: justify"><b>Provision for legal claims</b></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company and its subsidiaries are involved
in civil, labor, environmental and tax lawsuits. The provisions for risks of probable losses arising from these lawsuits are estimated
and updated by Management, under the advice of the Company’s internal and external legal counsel.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Provisions for lawsuits by type are:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Labor</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company responds to labor complaints,
which have as their object the employment relationship between the Company and the companies that provide services and their respective
employees. Furthermore, the Company is discussing four Infraction Notices drawn up by the Ministry of Labor and Employment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Environmental</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company is a party to administrative
proceedings on notices of violation issued by the Institute of the Environment and Water Resources (INEMA) related to alleged lack of
adoption of preventive measures to avoid fire that occurred on the Bananal Farm and on the provision of information on the Rural and Environmental
Registration.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Probable likelihood of loss </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Labor</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Civil</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Tax</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Environmental</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%; font-weight: bold; text-align: left; padding-bottom: 1.5pt">At June 30, 2023</td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">119</td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-937">-</div></td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">687</td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">486</td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">1,292</td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Additions</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,190</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,207</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Interest</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(296</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-938">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">18</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">108</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(170</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Reversals</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(195</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-939">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(705</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(574</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,474</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Payments</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(148</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(7</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-940">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(156</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">At June 30, 2024</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">670</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-941">-</div></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-942">-</div></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">29</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">699</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Additions</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">948</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-943">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-944">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-945">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">948</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Interest</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">47</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-946">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-947">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-948">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">47</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Reversals</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(655</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-949">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-950">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(9</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(664</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">Payments</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(238</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-951">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-952">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-953">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(238</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-bottom: 4pt">At June 30, 2025</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">772</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-954">-</div></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-955">-</div></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">20</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">792</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Acres del Sud Farm</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company’s subsidiary, Acres Del
Sud, is discussing an administrative process with the aim of cleaning up the Las Londras Farm and perfecting the property right over said
property. In this process, the National Institute of Agrarian Reform of Bolivia (“INRA”), on November 25, 2021, issued the
Final Resolution, by which it declared the illegality of the possession of 4,435 hectares of Las Londras.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">On January 5, 2022, Agropecuária
Acres del Sud filed an “Administrative Litigation Process” by which it fully challenged the Final Resolution, before the Agro-Environmental
Court, however, on September 15, 2023, a sentence was handed down that dismissed the Administrative Litigation Process and maintained
the Final Resolution (“Sentence”). In this context, Agropecuária Acres del Sud S.A. filed a “Constitutional Amparo
Action” in light of the Judgment, with the aim of reversing it and, on January 17, 2024, the Constitutional Court of Bolivia annulled
said Judgment, returning the files for the Agro-Environmental Court.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Possible likelihood of loss</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company and its subsidiaries are
parties to legal suits of civil, labor, environmental and tax natures, as well as administrative tax proceedings for which no provisions
were set up, since they involve risk of loss classified as possible by the Company and its external legal advisors, as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: left">Civil</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">13,704</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">9,231</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">Tax</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,154</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">13,450</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">20,858</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">22,681</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Judicial
deposits</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: left">Labor</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">5,997</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">6,702</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Environmental</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">547</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">520</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Civil</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-956">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">177</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">6,544</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">7,399</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Probable likelihood of loss </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Labor</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Civil</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Tax</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Environmental</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%; font-weight: bold; text-align: left; padding-bottom: 1.5pt">At June 30, 2023</td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">119</td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-937">-</div></td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">687</td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">486</td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">1,292</td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Additions</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,190</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,207</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Interest</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(296</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-938">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">18</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">108</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(170</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Reversals</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(195</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-939">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(705</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(574</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,474</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Payments</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(148</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(7</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-940">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(156</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">At June 30, 2024</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">670</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-941">-</div></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-942">-</div></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">29</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">699</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Additions</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">948</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-943">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-944">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-945">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">948</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Interest</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">47</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-946">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-947">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-948">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">47</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Reversals</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(655</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-949">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-950">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(9</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(664</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">Payments</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(238</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-951">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-952">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-953">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(238</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-bottom: 4pt">At June 30, 2025</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">772</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-954">-</div></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-955">-</div></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">20</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">792</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr>
</table>
119000
687000
486000
1292000
1190000
7000
1000
9000
1207000
-296000
18000
108000
-170000
-195000
-705000
-574000
-1474000
-148000
-7000
-1000
-156000
670000
29000
699000
948000
948000
47000
47000
-655000
-9000
-664000
-238000
-238000
772000
20000
792000
4435
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company and its subsidiaries are
parties to legal suits of civil, labor, environmental and tax natures, as well as administrative tax proceedings for which no provisions
were set up, since they involve risk of loss classified as possible by the Company and its external legal advisors, as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: left">Civil</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">13,704</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">9,231</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">Tax</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,154</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">13,450</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">20,858</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">22,681</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
13704000
9231000
7154000
13450000
20858000
22681000
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Judicial
deposits</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: left">Labor</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">5,997</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">6,702</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Environmental</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">547</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">520</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Civil</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-956">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">177</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">6,544</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">7,399</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
5997000
6702000
547000
520000
177000
6544000
7399000
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>29.</b></td><td style="text-align: justify"><b>Commitments</b></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Sales agreements for future delivery</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">BrasilAgro and its subsidiaries have
sales agreements for future delivery with some clients, as shown below:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Product</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Delivery date</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Quantity</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Agreements</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Unit</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Currency</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Price</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="text-decoration:underline">2023/24 Crop</span></td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; text-align: left">Cotton seed</td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center; padding-left: 3.5pt">Aug24-Aug25</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">928</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center; padding-left: 3.5pt">6</td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center; padding-left: 3.5pt">ton</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">812.33</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Cotton lint</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">Aug24-Aug25</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,535</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt">9</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">ton</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,719.58</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Cotton seed</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">Aug24-Aug25</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">138</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt">1</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">ton</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; font-weight: bold; text-align: left">2024/25 Crop</td><td> </td> <td style="text-align: center; padding-left: 3.5pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Soybean</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">Jan25-Sep25</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">182,439</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt">7</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">bags</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">118.81</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Soybean</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">Jan25-Sep25</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">229,654</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt">14</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">bags</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21.10</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Soybean</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">Jan25-Sep25</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">272,097</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt">8</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">bags</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Cotton seed</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">Jun25-Dec25</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,400</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt">3</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">ton</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,164.47</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Cotton seed</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">Jun25-Dec25</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,950</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt">3</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">ton</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">181.11</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Cotton lint</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">Jun25-Dec25</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,050</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt">12</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">ton</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,543.95</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Cotton lint</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">Jun25-Dec25</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,453</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt">6</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">ton</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Corn</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">Jul25-Oct25</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">418,328</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt">15</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">bags</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">51.50</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Corn</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">Jul25-Oct25</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">176</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt">1</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">bags</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Sugarcane</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">Apr25-Dec25</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">899,254</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt">1</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">ton</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; font-weight: bold; text-align: left">2025/26 Crop</td><td> </td> <td style="text-align: center; padding-left: 3.5pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Cotton lint</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">Aug26-Nov26</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt">5</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">ton</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,565.13</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Cotton lint</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">Aug26-Nov26</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,050</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt">3</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">ton</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td><td style="text-align: left"> </td></tr> </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">BrasilAgro and its subsidiaries have
sales agreements for future delivery with some clients, as shown below:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Product</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Delivery date</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Quantity</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Agreements</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Unit</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Currency</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Price</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="text-decoration:underline">2023/24 Crop</span></td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; text-align: left">Cotton seed</td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center; padding-left: 3.5pt">Aug24-Aug25</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">928</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center; padding-left: 3.5pt">6</td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center; padding-left: 3.5pt">ton</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">812.33</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Cotton lint</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">Aug24-Aug25</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,535</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt">9</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">ton</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,719.58</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Cotton seed</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">Aug24-Aug25</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">138</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt">1</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">ton</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; font-weight: bold; text-align: left">2024/25 Crop</td><td> </td> <td style="text-align: center; padding-left: 3.5pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Soybean</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">Jan25-Sep25</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">182,439</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt">7</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">bags</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">118.81</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Soybean</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">Jan25-Sep25</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">229,654</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt">14</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">bags</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21.10</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Soybean</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">Jan25-Sep25</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">272,097</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt">8</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">bags</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Cotton seed</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">Jun25-Dec25</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,400</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt">3</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">ton</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,164.47</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Cotton seed</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">Jun25-Dec25</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,950</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt">3</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">ton</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">181.11</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Cotton lint</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">Jun25-Dec25</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,050</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt">12</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">ton</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,543.95</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Cotton lint</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">Jun25-Dec25</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,453</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt">6</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">ton</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Corn</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">Jul25-Oct25</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">418,328</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt">15</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">bags</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">51.50</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Corn</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">Jul25-Oct25</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">176</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt">1</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">bags</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Sugarcane</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">Apr25-Dec25</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">899,254</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt">1</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">ton</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; font-weight: bold; text-align: left">2025/26 Crop</td><td> </td> <td style="text-align: center; padding-left: 3.5pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Cotton lint</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">Aug26-Nov26</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt">5</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">ton</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,565.13</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Cotton lint</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">Aug26-Nov26</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,050</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center; padding-left: 3.5pt">3</td><td> </td> <td style="text-align: center; padding-left: 3.5pt">ton</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td><td style="text-align: left"> </td></tr> </table>
Aug24-Aug25
928
6
ton
R$
812.33
Aug24-Aug25
3535
9
ton
US$
1719.58
Aug24-Aug25
138
1
ton
Jan25-Sep25
182439
7
bags
R$
118.81
Jan25-Sep25
229654
14
bags
US$
21.1
Jan25-Sep25
272097
8
bags
Jun25-Dec25
1400
3
ton
R$
1164.47
Jun25-Dec25
1950
3
ton
US$
181.11
Jun25-Dec25
4050
12
ton
US$
1543.95
Jun25-Dec25
5453
6
ton
Jul25-Oct25
418328
15
bags
R$
51.5
Jul25-Oct25
176
1
bags
Apr25-Dec25
899254
1
ton
Aug26-Nov26
2000
5
ton
US$
1565.13
Aug26-Nov26
1050
3
ton
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>30.</b></td><td style="text-align: justify"><b>Related parties</b></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><b>a)</b></td><td style="text-align: justify"><b><span style="text-decoration:underline">Related-party transactions</span></b></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt; text-align: center"><b> </b></td><td style="text-align: center; padding-bottom: 1.5pt"><b> </b></td>
<td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center"><b>Assets</b></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><b> </b></td><td style="text-align: center; padding-bottom: 1.5pt"><b> </b></td>
<td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center"><b>Liabilities</b></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><b> </b></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; text-align: left">Compensation plans</td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 52%; text-align: left; padding-bottom: 1.5pt">Management</td><td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">1,380</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">1,233</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-957">-</div></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-958">-</div></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,380</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,233</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-959">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-960">-</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Other</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Cresca (a)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-961">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">129</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-962">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,611</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Cresud (b)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">991</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,170</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,694</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,859</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">Helmir S.A. (c)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">451</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">436</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,707</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,805</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,442</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,735</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">8,401</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">9,275</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Total – Related parties</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">2,822</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">2,968</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">8,401</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">9,275</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">a)</td><td style="text-align: justify">Acquisition of biological assets and other fixed assets by
Palmeiras, during the spin-off of Cresca.</td>
</tr></table>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">b)</td><td style="text-align: justify">Expenses mainly refer to the implementation, development,
and maintenance of systems.</td>
</tr></table>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">c)</td><td style="text-align: justify">During the process of acquisition of the subsidiaries in
Bolivia, the parties entered into an agreement to maintain the blocked contingency amount, aiming to protect the Company.</td>
</tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.25in">b)</td><td style="text-align: left"><span style="text-decoration:underline">Management compensation</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The expenses with Management compensation
were recorded under “General and administrative expenses”, as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; text-align: left">Board of directors and executive board compensation</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">12,433</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">11,583</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">10,665</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">Bonus</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,135</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,754</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,879</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Overall compensation</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,568</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">13,337</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,544</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">Share grants</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,025</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,025</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,833</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 4pt"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">15,593</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">14,362</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">16,377</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">On October 24, 2024, the overall compensation
of the Company’s managers for the current year, in the amount of R$16,927, was approved at the Annual and Extraordinary Shareholders
Meeting.</p>
<b>a)</b><b><span style="text-decoration:underline">Related-party transactions</span></b><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt; text-align: center"><b> </b></td><td style="text-align: center; padding-bottom: 1.5pt"><b> </b></td>
<td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center"><b>Assets</b></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><b> </b></td><td style="text-align: center; padding-bottom: 1.5pt"><b> </b></td>
<td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center"><b>Liabilities</b></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><b> </b></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; text-align: left">Compensation plans</td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 52%; text-align: left; padding-bottom: 1.5pt">Management</td><td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">1,380</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">1,233</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-957">-</div></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-958">-</div></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,380</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,233</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-959">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-960">-</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Other</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Cresca (a)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-961">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">129</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-962">-</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,611</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Cresud (b)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">991</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,170</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,694</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,859</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">Helmir S.A. (c)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">451</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">436</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,707</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,805</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,442</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,735</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">8,401</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">9,275</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Total – Related parties</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">2,822</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">2,968</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">8,401</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">9,275</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">a)</td><td style="text-align: justify">Acquisition of biological assets and other fixed assets by
Palmeiras, during the spin-off of Cresca.</td>
</tr></table>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">b)</td><td style="text-align: justify">Expenses mainly refer to the implementation, development,
and maintenance of systems.</td>
</tr></table>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">c)</td><td style="text-align: justify">During the process of acquisition of the subsidiaries in
Bolivia, the parties entered into an agreement to maintain the blocked contingency amount, aiming to protect the Company.</td>
</tr></table>
1380000
1233000
1380000
1233000
129000
1611000
991000
1170000
2694000
1859000
451000
436000
5707000
5805000
1442000
1735000
8401000
9275000
2822000
2968000
8401000
9275000
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The expenses with Management compensation
were recorded under “General and administrative expenses”, as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; text-align: left">Board of directors and executive board compensation</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">12,433</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">11,583</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">10,665</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">Bonus</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,135</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,754</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,879</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Overall compensation</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,568</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">13,337</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,544</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt">Share grants</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,025</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,025</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,833</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 4pt"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">15,593</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">14,362</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">16,377</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr>
</table>
12433000
11583000
10665000
2135000
1754000
1879000
14568000
13337000
12544000
1025000
1025000
3833000
15593000
14362000
16377000
16927000
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>31.</b></td><td style="text-align: justify"><b>Insurance</b></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Company and its subsidiaries maintain
(i) civil liability insurance for all employees working at the farms, (ii) insurance for machinery, (iii) life insurance for all the employees,
as well as (iv) insurance for Directors and Officers (D&O) and for other Board members. The coverage amount is considered sufficient
by management to cover risks, if any, over its assets and/or liabilities. The Company assessed the risk of farm buildings and facilities
owned by the Group, as well as its inventories and biological assets, concluding that there is no need for other types of insurance due
to low likelihood of risks.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Below is the table of the liabilities
covered by insurance and the related amounts at June 30, 2025:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Insurance type</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Coverage – R$</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td> </td>
<td colspan="2" style="text-align: right"> </td><td> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 88%; text-align: left">Civil liability (D&O)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">50,000</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Civil, professional and general liability</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,003</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Machinery/Automobile</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">194,799</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Completion guarantee</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,438</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Fire/lightning/explosion/electrical damage</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,439</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Below is the table of the liabilities
covered by insurance and the related amounts at June 30, 2025:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Insurance type</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Coverage – R$</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td> </td>
<td colspan="2" style="text-align: right"> </td><td> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 88%; text-align: left">Civil liability (D&O)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">50,000</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Civil, professional and general liability</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,003</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Machinery/Automobile</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">194,799</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left">Completion guarantee</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,438</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Fire/lightning/explosion/electrical damage</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,439</td><td style="text-align: left"> </td></tr>
</table>
50000000
11003000
194799000
6438000
11439000
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>32.</b></td><td style="text-align: justify"><b>Subsequent events</b></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">On August 19, 2025, Brasilagro entered
into a long-term agricultural partnership agreement, effective August 18, 2025, for the new operating unit located in the municipalities
of Nova Lacerda, Mato Grosso do Sul, and Comodoro, Mato Grosso do Sul, with a total area of 3,081.90 hectares. The agreement has a term
of 13 crop years, with an estimated average annual value of 14 bags of soybeans per hectare. Although the agreement was signed after the
closing of the financial statements on June 30, 2025, its disclosure is considered relevant because it represents a significant expansion
of the Company’s operations and has a potential future impact on the financial statements.</p>
3081.9
P13Y
0001499849
false
FY