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CEO André Guillaumon explained the company's counter-cyclical strategy of buying land when others are selling, targeting regions like Maranhão and Piauí where producers have become more leveraged. Regarding the trade war, Guillaumon stated that while Brazil benefits marginally, especially in animal protein, a complete shift of Chinese soy demand to Brazil is unlikely due to logistical complexities. He anticipates a return to positive soy premiums but not at the extreme levels seen in the past. He does not foresee new peaks in land prices but also doesn't expect significant nominal reductions.

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Executive André Guillaumon confirmed that a recovery in corn margins prompted an increase in the planted area. For sugarcane, he stated that while the company is investing heavily to boost productivity, the delayed start to the rainy season will likely impact the harvest. However, an extension of the rainy season into March and April could help recover some of the potential losses.

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Executive André Guillaumon confirmed that corn margins recovered significantly, leading to an increased harvest area. For sugarcane, he explained that while the delayed start of rains impacted the current harvest, the company is investing heavily in irrigation and expects a potential recovery if the rainy season extends, which could lead to 'very positive surprises' in the next fiscal year.

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CEO André Guillaumon stated that while only 17-18% of the next harvest is hedged, the company correctly anticipated a recovery in Brazilian premiums against falling Chicago prices. He noted that the current high exchange rate makes further selling attractive and that the company is monitoring geopolitical events and South American crop progress to capture volatility for a better average price.

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Executive André Guillaumon explained their strategy correctly anticipated a drop in Chicago prices and a recovery in the Brazilian premium. For the upcoming harvest, 17% is hedged, mainly via derivatives. He noted that the current high exchange rate makes further selling attractive and that the company is closely monitoring geopolitical factors, South American climate, and demand drivers like corn-based ethanol before making further moves.

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Executive André Guillaumon explained that the farm sale demonstrates the company's resilient strategy of generating value from both operations and real estate, providing financial 'breadth' for future portfolio management. He stated that while a 25% mandatory dividend exists, any further capital return decisions rest with the Board. Regarding the USDA report, Guillaumon anticipates a downward revision of Brazil's soybean crop estimate, which he believes will positively impact the basis price for Brazilian soybeans, a trend amplified by the recent flooding in Southern Brazil.

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Executive André Guillaumon explained that the farm sale underscores BrasilAgro's dual strategy of generating value from both operations and real estate, with the proceeds providing flexibility for future portfolio management. While deferring a decision on capital allocation to the Board, he highlighted the company's history of shareholder returns. Guillaumon anticipates the USDA report will guide Brazilian soybean production down to 152-153 million tonnes, a factor he believes is already priced in, and noted that logistical disruptions in Southern Brazil could support the price basis, validating their strategy to hold soybeans into the second half of the year.

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Executive André Guillaumon responded that BrasilAgro plans to strengthen its crop mix with more cotton and beans, and will definitively grow sugarcane production in the next year. Regarding real estate, he expressed confidence in achieving land sale targets, noting that the company's strategy of transforming land creates value independent of commodity price fluctuations, which primarily affect mature land values. He reiterated the strategy of selling land when commodity prices are high and buying when they are low.

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Executive André Guillaumon confirmed that the company plans to increase sugarcane production in the coming year, alongside strengthening its cotton and bean mix. On real estate, Guillaumon explained that while mature land values are tied to commodity prices, BrasilAgro's value-add strategy of transforming land provides resilience. He stated he is confident in achieving real estate sales goals for the year, noting continued market liquidity and the company's counter-cyclical strategy of selling land when commodity prices are high.

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CEO André Guillaumon detailed the hedging strategy, noting that 25% of soybeans were sold at $12.70, with an additional portion being sold via an accumulation strategy around $12.75. He projected soybean margins returning to R$2,500/ha and sugarcane to R$4,000/ha. CFO & IRO Gustavo Lopez confirmed these targets, adding that corn margins are a significant challenge. Guillaumon also explained that nitrogen fertilizer prices are volatile, linked to oil and Northern Hemisphere winter conditions, making early purchases for the winter crop risky.

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CEO Miguel Gularte explained that global supply and demand are balanced, and the 57 new permits secured in H1 2024 allow BRF to strategically place production and maximize value. He noted strong demand from Asia and a favorable grain cost environment. CFO Fabio Mariano added that Halal regions are performing exceptionally well, with a focus on growing the share of higher-margin processed products. He also noted that while Brazilian production capacity is growing, it remains in balance with demand.

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Executive André Guillaumon responded that the company will increase its sugarcane cultivation, along with strengthening its mix with more cotton and beans. On real estate, he explained that while mature land prices are linked to commodities, BrasilAgro's strategy of transforming land creates value and maintains liquidity. He does not foresee a drop in land value multiples (bags per hectare) yet. For soybeans, Guillaumon identified the local basis as the key profitability driver, noting that 60% of the crop was already sold and expressing cautious optimism for a basis recovery in the second half of the year.

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CEO André Guillaumon expressed optimism for corn prices due to factors pointing to lower production, such as planting delays and reduced technology adoption. For soybeans, he is more conservative, expecting stable prices influenced by geopolitical tensions. On real estate, Guillaumon stated that the market remains liquid with strong buyer interest. He sees a balance of opportunities, noting that high interest rates could create financial stress for some landowners, presenting acquisition possibilities for BrasilAgro.

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Executive André Guillaumon expressed optimism for a recovery in corn prices, citing delayed planting, reduced acreage across the sector, and lower technology adoption as factors that will likely decrease production. For soybeans, he is more conservative, expecting prices to hold steady, supported by geopolitical tensions but facing a challenging year for basis premiums. Regarding land acquisitions, Guillaumon stated that despite high prices, opportunities are emerging from financially stressed sellers impacted by lower crop margins and high interest rates, creating a more balanced market for both buying and selling.

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Chairman and CEO André Guillaumon detailed that beyond the initial 25% of soybean sold at BRL 12.70, accumulation strategies are being used to sell more at around BRL 12.75. He also noted challenges from exchange rates and a negative basis. Both Guillaumon and CFO Gustavo Lopez projected a return to a BRL 2,500/hectare margin for soybean and BRL 4,000/hectare for sugarcane, while highlighting significant margin pressure and uncertainty for the corn winter crop.

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