Loans, Financing and Debentures

12 Months Ended

Jun. 30, 2025

Loans, Financing and Debentures [Abstract]

Loans, financing and debentures

17. Loans, financing and debentures

		Annual interest rates and charges - %
	Index	2025			2024			2025			2024
Agricultural cost	Fixed rate + CDI		8% to 15	%		7% to 15	%		197,647			104,211
Agricultural costs (USD)	Fixed rate		3% to 7	%		3% to 8	%		122,883			16,450
Agricultural cost (PYG)	Fixed rate		11	%		11% a 12	%		12,364			16,458
Investment and Expansion	Fixed rate		3% to 10	%		8% to 10	%		50,283			29,664
Working capital (USD)	Fixed rate		—			3% to 8	%		—			25,739
Machinery financing	Fixed rate		9% to 12	%		3% to 13	%		4,509			3,060
New sugarcane	Fixed rate		6	%		6	%		14,001			21,291
Debentures	Fixed rate + IPCA		5% to 12%			5% to 12%			489,564			472,765
(-) Transaction cost									(5,732	)		(7,700	)
									885,519			681,938
Current									355,841			177,311
Non-current									529,678			504,627

Caption:

USD – U.S. currency (dollar)

PYG – Paraguayan currency (Guarani)

IPCA – National consumer price index

CDI – Interbank certificate of deposit

Maturities of current and non-current loans, financing and debentures are as follows:

	2025		2024
1 year		355,841		177,311
2 years		214,531		36,873
3 years		198,023		152,755
4 years		36,177		188,003
5 years		36,177		42,097
Above 5 years		44,770		84,899
		885,519		681,938

Changes in loans and financing during the year ended June 30, 2025 and 2024 are as follows:

	2024			Contracting		Payment of principal			Payment Interest			Appropriation of interest		Business combination (Note 2.3)		Foreign exchange variation			2025
Agricultural cost		104,211			254,045		(159,720	)		(16,449	)		15,560		—		—			197,647
Agricultural costs (USD)		16,450			166,752		(77,116	)		(5,032	)		6,705		21,581		(6,457	)		122,883
Agricultural costs (PYG)		16,458			3,709		(7,324	)		(1,484	)		1,556		—		(551	)		12,364
Financing for Investment and Expansion		29,664			19,095		(1,045	)		(922	)		3,491		—		—			50,283
Working capital		—			—		(82	)		(7	)		—		89		—			—
Working capital (USD)		25,739			—		(25,286	)		(1,496	)		840		—		203			—
Financing of machinery		3,060			—		(7,656	)		(759	)		565		9,431		(132	)		4,509
Financing of sugarcane		21,291			—		(6,200	)		(2,056	)		966		—		—			14,001
Debentures		472,765			—		—			(35,681	)		52,480		—		—			489,564
(-) Transaction cost		(7,700	)		—		—			—			1,968		—		—			(5,732	)
At June 30, 2025		681,938			443,601		(284,429	)		(63,886	)		84,131		31,101		(6,937	)		885,519

	2023			Contracting			Payment of principal			Payment Interest			Appropriation of interest		Foreign exchange variation		2024
Agricultural cost financing		149,404			188,094			(231,140	)		(19,806	)		17,659		—		104,211
Agricultural cost financing abroad		24,156			19,183			(14,836	)		(2,283	)		1,975		4,713		32,908
Bahia project financing		28,734			—			(1,045	)		(84	)		2,059		—		29,664
Working Capital Financing		24,771			4,976			(7,755	)		(2,374	)		2,326		3,795		25,739
Financing of working capital (USD)		2,808			—			—			—			252		—		3,060
Sugarcane Financing		28,281			75,000			(81,907	)		(1,823	)		1,740		—		21,291
Debentures		301,767			165,000			(14,250	)		(17,503	)		37,751		—		472,765
Transaction costs		(5,283	)		(4,196	)		—			—			1,779		—		(7,700	)
		554,638			448,057			(350,933	)		(43,873	)		65,541		8,508		681,938

a) Loans and Financing

Covenants

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.

b) Debentures

3^st Issue

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.

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.

2^nd Issue

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.

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.

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.

Covenants

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.

As of June 30, 2025, the Company is in compliance with the covenants described above.