BrasilAgro Companhia Brasileira de Propriedades Agrícolas : Dados Econômico-Financeiros

DocuSign Envelope ID: E1E6D556-B62E-4BF0-90D0-E3E0D8590D66

(A free translation of the original in Portuguese)

BrasilAgro -

CompanhiaBrasileira de

Propriedades Agrícolas

Quarterly Information (ITR) at March 31, 2024

and report on review of quarterly information

DocuSign Envelope ID: E1E6D556-B62E-4BF0-90D0-E3E0D8590D66

(A free translation of the original in Portuguese)

Report on review of quarterly information

To the Board of Directors and Stockholders BrasilAgro - Companhia Brasileira

de Propriedades Agrícolas

Introduction

We have reviewed the accompanying parent company and consolidated interim accounting information of BrasilAgro - Companhia Brasileira de Propriedades Agrícolas ("Company"), included in the Quarterly Information Form (ITR) for the quarter ended March 31, 2024, comprising the balance sheet at that date and the statements of operations and comprehensive income for the quarter and nine-month period then ended, and the statements of changes in equity and cash flows for the nine- month period then ended, and explanatory notes.

Management is responsible for the preparation of the parent company and consolidated interim accounting information in accordance with the accounting standard CPC 21 - "Interim Financial Reporting", of the Brazilian Accounting Pronouncements Committee (CPC) and International Accounting Standard (IAS) 34 - "Interim Financial Reporting" issued by the International Accounting Standards Board (IASB), as well as the presentation of this information in accordance with the standards issued by the Brazilian Securities Commission (CVM), applicable to the preparation of the Quarterly Information (ITR). Our responsibility is to express a conclusion on this interim accounting information based on our review.

Scope of review

We conducted our review in accordance with Brazilian and International Standards on Reviews of Interim Financial Information (NBC TR 2410 - "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", and ISRE 2410 - "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", respectively). A review of interim information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Brazilian and International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying parent company and consolidated interim accounting information included in the quarterly information referred to above has not been prepared, in all material respects, in accordance with CPC 21 and IAS 34 applicable to the preparation of the Quarterly Information, and presented in accordance with the standards issued by the CVM.

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PricewaterhouseCoopers Auditores Independente Ltda., Avenida Brigadeiro Faria Lima, 3732, Edifício B32, 16oSão Paulo, SP, Brasil, 04538-132

T: [phone], www.pwc.com.br

DocuSign Envelope ID: E1E6D556-B62E-4BF0-90D0-E3E0D8590D66

BrasilAgro - Companhia Brasileira de Propriedades Agrícolas

Other matters

Statements of value added

The quarterly information referred to above includes the parent company and consolidated statements of value added for the nine-month period ended March 31, 2024. These statements are the responsibility of the Company's management and are presented as supplementary information under IAS 34. These statements have been subjected to review procedures performed together with the review of the interim accounting information for the purpose of concluding whether they are reconciled with the interim accounting information and accounting records, as applicable, and if their form and content are in accordance with the criteria defined in the accounting standard CPC 09 - "Statement of Value Added". Based on our review, nothing has come to our attention that causes us to believe that these statements of value added have not been properly prepared, in all material respects, in accordance with the criteria established in this accounting standard, and consistent with the parent company and consolidated interim accounting information taken as a whole.

São Paulo, May 7th, 2024

PricewaterhouseCoopers

Auditores Independentes Ltda.

CRC 2SP000160/O-5

Emerson Lima de Macedo

Contador CRC 1BA022047/O-1

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DocuSign Envelope ID: E1E6D556-B62E-4BF0-90D0-E3E0D8590D66

BrasilAgro - Companhia Brasileira de Propriedades Agrícolas
Separate and consolidated quarterly financial statements
March 31, 2024
Contents
Balance sheet	..2
Statement of operations	..4
Statement of comprehensive income (loss)	..6
Statement of changes in equity	..7
Statement of cash flows	..8
Statement of value added	..9
Notes to the quarterly financial statements…………………………………	10

DocuSign Envelope ID: E1E6D556-B62E-4BF0-90D0-E3E0D8590D66

BrasilAgro - Companhia Brasileira de Propriedades Agrícolas

Balance Sheet

March 31, 2024 and June 30, 2023

(In thousands of reais, unless otherwise indicated)

Assets					Company				Consolidated
	Note	03/31/2024	06/30/2023	03/31/2024		06/30/2023
Current assets
Cash and cash equivalents	5.1	55,223	131,178	201,151		383,837
Marketable securities	5.2	494	28,205	24,472		28,205
Operations with derivatives	6	66,165	76,815	66,165		76,815
Accounts receivable and other credits	7	104,536	105,284	368,179		430,035
Inventories	8	190,482	169,664	230,971		213,684
Biological assets	9	192,412	113,565	295,212		216,924
Related-party transactions	28		5,908		19,105		-		-
			615,220		643,816		1,186,150		1,349,500
Noncurrent asset held for sale	10.1	-	-	33,565		-
Noncurrent assets
Restricted marketable securities	5.2	9,524	4,800	22,042		21,580
Operations with derivatives	6	8,792	7,032	8,792		7,032
Accounts receivable and other credits	7	31,308	26,286	399,826		486,802
Biological assets	9	26,262	37,305	26,262		37,305
Deferred taxes	17.1	39,855	15,211	50,027		30,140
Investment properties	10	300,912	244,174	1,293,698		1,252,712
Related-party transactions	28	4,166	4,136	4,307		2,157
Investments	11	1,691,383	1,749,263	2,591		2,591
Property, plant and equipment	12	67,042	59,359	167,673		155,108
Intangible assets		3,367	1,871	3,416		1,917
Right-of-use assets	13		238,566		281,820		142,940		161,231
			2,421,177		2,431,257		2,121,574		2,158,575
Total assets		3,036,397	3,075,073	3,341,289		3,508,075

See the accompanying Management notes on the separate and consolidated quarterly financial statements.

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DocuSign Envelope ID: E1E6D556-B62E-4BF0-90D0-E3E0D8590D66

BrasilAgro - Companhia Brasileira de Propriedades Agrícolas

Balance Sheet

March 31, 2024 and June 30, 2023

(In thousands of reais, unless otherwise indicated)

					Company				Consolidated
Liabilities and equity	Note	03/31/2024	06/30/2023	03/31/2024	06/30/2023
Current liabilities
Accounts payable and other liabilities	15	98,099	103,142	219,643	176,115
Loans, financing and debentures	16	93,795	67,529	272,354	198,213
Labor obligations		11,088	17,778	16,146	23,405
Operations with derivatives	6	21,011	22,006	21,011	22,006
Acquisitions payable		-	13,681	-	156,666
Related-party transactions	28	23,722	54	-	-
Leases payable and associated liabilities	14		86,415		76,455		68,122		55,502
Noncurrent liabilities			334,130		300,645		597,276		631,907
Accounts payable and other liabilities	15	-	-	20,155	31,424
Loans, financing and debentures	16	473,515	304,923	500,734	356,425
Operations with derivatives	6	10,042	831	10,042	831
Deferred taxes	17.1	-	-	20,786	20,654
Investment losses	11.a	3,927	1,944	-	-
Related-party transactions	28	3,666	659	9,684	6,569
Acquisitions payable		610	-	610	-
Leases payable and associated liabilities	14	252,469	268,815	223,537	261,831
Provision for legal claims	26		631		114		1,058		1,292
			744,860		577,286		786,606		679,026
Total liabilities		1,078,990	877,931	1,383,882	1,310,933
Equity
Share capital	18.a	1,587,988	1,587,985	1,587,988	1,587,985
Share issue costs		(11,343)	(11,343)	(11,343)	(11,343)
Capital reserve	18.b	(11,385)	(13,423)	(11,385)	(13,423)
Treasury shares	18.f	(43,648)	(50,807)	(43,648)	(50,807)
Income reserves	18.c	364,888	364,888	364,888	364,888
Additional dividends proposed	18.d	-	256,223	-	256,223
Comprehensive income	18.e	76,891	63,619	76,891	63,619
Retained earnings			(5,984)		-		(5,984)		-
Total equity		1,957,407	2,197,142	1,957,407	2,197,142
Total liabilities and equity		3,036,397	3,075,073	3,341,289	3,508,075

See the accompanying Management notes on the separate and consolidated quarterly financial statements.

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DocuSign Envelope ID: E1E6D556-B62E-4BF0-90D0-E3E0D8590D66

BrasilAgro - Companhia Brasileira de Propriedades Agrícolas

Statement of operations

Three-and-nine-month period ending March 31, 2024 and 2023 (In thousands of reais)

					Company				Consolidated
			07/01/2023 to		07/01/2022 to		07/01/2023 to		07/01/2022 to
	Note		03/31/2024		03/31/2023		03/31/2024		03/31/2023
Net revenue	20.a	335,740	417,457	540,762	645,714
Gain from sale of farms	20.b	-	-	4,724	17,500
Changes in fair value of biological
assets and agricultural products	9	14,125	41,572	7,701	83,398
(Reversal) Provision of the recoverable value of
agricultural products, net	8.1	71	(10,621)	(321)	(10,931)
Cost of sales	21		(339,590)		(391,454)		(520,448)		(616,538)
Gross profit		10,346	56,954	32,418	119,143
Selling expenses	21	(31,295)	(20,624)	(36,540)	(27,211)
General and administrative expenses	21	(35,693)	(34,261)	(46,581)	(43,330)
Other operating income (expenses), net	23	(4,878)	5,069	(4,810)	2,066
Equity pickup	11.a	48,023	23,854	-	-
Operating profit/loss before financial results and
taxes		(13,497)	30,992	(55,513)	50,668
Financial results, net
Financial income	24	132,633	170,504	207,041	220,388
Financial expenses	24	(149,762)	(170,284)	(164,680)	(222,453)
Profit/Loss before income and social contribution
taxes		(30,626)	31,212	(13,152)	48,603
Income and social contribution taxes	17.2	24,642	(5,384)	7,168	(22,775)
Net income/loss for the period
	(5,984)	25,828	(5,984)	25,828
Basic earnings per share - reais	25	(0.0601)	0.2614	(0.0601)	0.2614
Diluted earnings per share - reais	25	(0.0599)	0.2600	(0.0599)	0.2600

See the accompanying Management notes on the separate and consolidated quarterly financial statements.

4

Uma empresa-membro da Ernst & Young Global Limited

DocuSign Envelope ID: E1E6D556-B62E-4BF0-90D0-E3E0D8590D66

BrasilAgro - Companhia Brasileira de Propriedades Agrícolas

Statement of operations

Three-and-nine-month period ending March 31, 2024 and 2023 (In thousands of reais)

				Company				Consolidated
		01/01/2024 to		01/01/2023 to		01/01/2024 to		01/01/2023 to
		03/31/2024		03/31/2023		03/31/2024		03/31/2023
Net revenue	113,143	168,510	121,781	190,690
Changes in fair value of biological
assets and agricultural products	23,913	48,088	11,930	67,197
(Reversal) Provision of the recoverable value of agricultural
products, net	(773)	(8,412)	(744)	(8,690)
Cost of sales	(105,971)		(171,363)		(114,864)		(181,738)
Gross profit	30,312	36,823	18,103	67,459
Selling expenses (net of reversal of provisions)	(13,941)	(9,017)	(14,912)	(9,544)
General and administrative expenses	(11,182)	(10,134)	(14,523)	(12,286)
Other operating income (expenses), net	(144)	478	26	(203)
Equity pickup	(26,304)		(27,806)		-		-
Operating profit/loss before financial results and taxes	(21,259)	(9,656)	(11,306)	45,426
Financial income	47,179	64,023	42,867	40,931
Financial expenses	(57,295)		(44,434)		(63,331)		(71,115)
Profit/Loss before income and social contribution taxes	(31,375)	9,933	(31,770)	15,242
Income and social contribution taxes	1,228	(13,226)	1,623	(18,535)
Net income/loss for the period
(30,147)	(3,293)	(30,147)	(3,293)
Basic earnings per share - reais	(0.3034)	(0.0753)	(0.3034)	(0.0753)
Diluted earnings per share - reais	(0.3027)	(0.0749)	(0.3027)	(0.0749)

See the accompanying Management notes on the separate and consolidated quarterly financial statements.

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Uma empresa-membro da Ernst & Young Global Limited

DocuSign Envelope ID: E1E6D556-B62E-4BF0-90D0-E3E0D8590D66

BrasilAgro - Companhia Brasileira de Propriedades Agrícolas

Statement of comprehensive income

Periods of three- and nine-months ending March 31, 2024 and 2023 (In thousands of reais, unless otherwise indicated)

			Company and Consolidated
			07/01/2023 to		07/01/2022 to
	Note		03/31/2024		03/31/2023
Net income/loss for the period		(5,984)	25,828
Comprehensive income to be reclassified to income from the year in
subsequent years:
Effect on the conversion of investments abroad	18.e	13,272	(13,659)
Total comprehensive income (loss)
		7,288		12,169

		Company and Consolidated
		01/01/2024 to		01/01/2023 to
		03/31/2024		03/31/2023
Net income/loss for the period	(30,147)	(3,293)
Comprehensive income to be reclassified to income from the year in
subsequent years:
Effect on the conversion of investments abroad	11,515	(10,903)
Total comprehensive income (loss)
(18,632)		(14,196)

See the accompanying Management notes on the separate and consolidated quarterly financial statements.

6

DocuSign Envelope ID: E1E6D556-B62E-4BF0-90D0-E3E0D8590D66

BrasilAgro - Companhia Brasileira de Propriedades Agrícolas

Statement of changes in equity

Nine-month period ending March 31, 2024 and 2023 (In thousands of reais)

Capital reserve

Income reserve

Capital

Goodwill

Share-

transactions

Reserve for

Additional

Share

on share

based

between

Treasury

Legal

investment and

dividends

Comprehensive

Retained

Total

Note

Capital

issue costs

issue

payments

partners

shares

reserve

expansion

proposed

income

earnings/loss

equity

At June 30, 2022

1,587,985

(11,343)

(15,306)

4,989

(11,031)

(49,761)

73,422

342,930

196,476

97,687

-

2,216,048

Net income/loss Payment of additional dividends

Return of shares due to indemnity from business combination

Release of shares arising from business combination Share-based payment plan

Effect on the conversion of investments abroad

At March 31, 2023

At June 30, 2023

Net income/loss Payment of additional dividends

Capital increase Release of shares arising from business combination Share-based payment plan

Payment of charges on share-based payment plan

Effect on the conversion of investments abroad

	-	-	-	-	-	-	-	-	-	-	25,828	25,828
	-	-	-	-	-	-	-	-	(196,476)	-	-	(196,476)
	-	-	1,046	-	-	(1,046)	-	-	-	-	-	-
	-	-	951	-	-	-	-	-	-	-	-	951
	-	-	-	5,289	-	-	-	-	-	-	-	5,289
	-	-	-	-	-	-	-	-	-	(13,659)	-	(13,659)
	1,587,985	(11,343)	(13,309)	10,278	(11,031)	(50,807)	73,422	342,930	-	84,028	25,828	2,037,981
	1,587,985	(11,343)	(13,309)	10,917	(11,031)	(50,807)	86,849	278,039	256,223	63,619	-	2,197,142
	-	-	-	-	-	-	-	-	-	-	(5,984)	(5,984)
18.d	-	-	-	-	-	-	-	-	(256,223)	-	-	(256,223)
	3	-	-	-	-	-	-	-	-	-	-	3
	-	-	14,931	-	-	-	-	-	-	-	-	14,931
22	-	-	-	(8,337)	-	7,159	-	-	-	-	-	(1,178)
22	-	-	-	(4,556)	-	-	-	-	-	-	-	(4,556)
18.e	-	-	-	-	-	-	-	-	-	13,272	-	13,272

At March 31, 2024	1,587,988	(11,343)	1,622	(1,976)	(11,031)	(43,648)	86,849	278,039	-	76,891	(5,984)	1,957,407

See the accompanying Management notes on the separate and consolidated quarterly financial statements.

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