Investment Properties

12 Months Ended

Jun. 30, 2025

Investment Properties [Abstract]

Investment properties

11. Investment properties

	Land - Farms			Buildings and improvements			Opening of area			Total in operation			Construction in progress			2025
At June 30, 2024		939,087			106,373			231,020			1,276,480			57,060			1,333,540
Acquisitions		86			1,563			787			2,436			65,337			67,773
Acquisitions - Business combination (Note 2.3)		—			2,689			—			2,689			577			3,266
Write-offs		(12,782	)		(6,412	)		(17,938	)		(37,132	)		(448	)		(37,580	)
Transfers		—			32,657			44,705			77,362			(77,362	)		—
Transfers between fixed asset x investment properties		—			(33	)		—			(33	)		11			(22	)
(-) Depreciation / amortization		—			(6,809	)		(29,171	)		(35,980	)		—			(35,980	)
Effect from conversion		(5,575	)		(476	)		(979	)		(7,030	)		(133	)		(7,163	)
At June 30, 2025		920,816			129,552			228,424			1,278,792			45,042			1,323,834
Total cost		920,816			151,291			341,725			1,413,832			45,042			1,458,874
Accumulated depreciation		—			(21,739	)		(113,301	)		(135,040	)		—			(135,040	)
Net book balance		920,816			129,552			228,424			1,278,792			45,042			1,323,834
Annual depreciation rates (weighted average) - %					4-20			5-20

	Land – Farms			Buildings and improvements			Opening of area*			Total in operation			Construction in progress			2024
At June 30, 2024
Opening balance		929,513			64,134			157,792			1,151,439			101,273			1,252,712
Acquisitions		1,600			1,198			1,314			4,112			99,857			103,969
Write-offs		(33,773	)		(205	)		(12,321	)		(46,299	)		(2,434	)		(48,733	)
Transfers (*)		—			41,495			101,551			143,046			(142,709	)		337
(-) Depreciation / amortization		—			(4,139	)		(25,488	)		(29,627	)		—			(29,627	)
Effect from conversion		41,747			3,890			8,172			53,809			1,073			54,882
Net book balance		939,087			106,373			231,020			1,276,480			57,060			1,333,540
At June 30, 2024
Total cost		939,087			124,085			342,351			1,405,523			57,060			1,462,583
Accumulated depreciation		—			(17,712	)		(111,331	)		(129,043	)		—			(129,043	)
Net book balance		939,087			106,373			231,020			1,276,480			57,060			1,333,540

(*) 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).

The table below shows the fair value of investment properties are as follows:

		Hectares							Fair Value*				Cost Value
Farm	State	2025		2024		Real estate	Acquisition		2025		2024		2025		2024
Jatobá Farm	Bahia		8,868		8,868	Jaborandi Ltda		Mar-07		340,104		281,173		12,799		13,353
Alto Taquari Farm	Mato Grosso		1,373		1,380	Mogno Ltda		Aug-07		29,210		19,803		3,161		17,680
Chaparral Farm	Bahia		24,841		24,885	Cajueiro Ltda		Nov-07		804,701		507,024		88,641		83,585
Nova Buriti Farm	Minas Gerais		24,212		24,212	Flamboyant Ltda		Dec-07		70,498		39,596		24,273		24,382
Preferência Farm	Bahia		—		17,799	Cajueiro Ltda		Sep-08		—		124,339		—		34,459
São José Farm	Maranhão		17,566		17,566	Ceibo Ltda		Feb-17		542,542		527,849		120,103		117,835
Marangatu y Udra Farm	Boqueron Paraguay		58,722		58,722	Agropecuaria Moroti S/A		Feb-18		487,987		330,572		265,883		274,899
Arrojadinho Farm	Bahia		16,644		16,642	Agrifirma Bahia Ltda		Jan-20		499,157		328,203		177,176		154,627
Rio do Meio Farm	Bahia		5,753		5,750	Agrifirma Bahia Ltda		Jan-20		199,813		156,689		66,381		67,362
Serra Grande Farm	Piauí		4,489		4,489	Imobiliaria Cremaq		Apr-20		88,390		76,428		43,449		43,458
Acres del Sud Farm	Bolivia		9,875		9,875	Acres Del Sud		Feb-21		198,133		151,418		135,799		137,943
Panamby Farm	Mato Grosso		10,793		10,844	Mogno Ltda		Sep-22		355,302		298,562		298,495		298,245
			183,136		201,032					3,615,837		2,841,656		1,236,160		1,267,828

(*) 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.

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.