Financial Risk Management (Tables)

12 Months Ended

Jun. 30, 2026

Financial Risk Management [Abstract]

Schedule of Reliable Sources of Index

Reliable sources of indices disclosure were used for the rates used in the “probable scenario.”

				Consolidated												Scenario I -								Scenario I - Probable								Scenario II - Remote								Scenario III - Probable								Scenario IV - Remote
(*) annual average rates				June 30, 2026												Probable								Decrease				-25%				Decrease				-50%				Increase				25%				Increase				50%
Operation		Risk		Balance (R$)				Notional/ Position				Rate				Balance (R$)				Rate				Balance (R$)				Rate				Balance (R$)				Rate				Balance (R$)				Rate				Balance (R$)				Rate

Short-term investments		CDI			153,901				-				14.15	%			(200	)			14.02	%			(5,409	)			10.52	%			(10,788	)			7.01	%			5,409				17.53	%			10,788				21.03	%
Marketable securities		SELIC			16,353				-				14.25	%			(38	)			14.02	%			(575	)			10.52	%			(1,145	)			7.01	%			575				17.53	%			1,145				21.03	%
Cash and securities - USD		USD			11,848				2,289				5.18				(925	)			5.58				(3,193	)			4.19				(6,386	)			2.79				3,193				6.98				6,386				8.37
Total cash, cash equivalent					182,102				2,289								(1,163	)							(9,177	)							(18,319	)							9,177								18,319
Financing in Paraguay		USD			(35,431	)			(6,844	)			5.18				(14,293	)			5.58				49,426				4.19				98,852				2.79				(49,426	)			6.98				(98,852	)			8.37
Financing in Brazil		USD			(9,885	)			-				5.18				(3,988	)			5.58				13,790				4.19				27,579				2.79				(13,790	)			6.98				(27,579	)			8.37
Financing in Brazil		CDI			(72,639	)			-				14.15	%			94				14.02	%			2,550				10.52	%			5,092				7.01	%			(2,550	)			17.53	%			(5,092	)			21.03	%
Financing/Debentures		IPCA			(326,766	)			-				4.52	%			(18,234	)			10.10	%			8,237				7.57	%			16,481				5.05	%			(8,237	)			12.62	%			(16,481	)			15.14	%
Total Financing (b)					(444,721	)			(6,844	)							(36,421	)							74,003								148,004								(74,003	)							(148,004	)
Araucária VI		Soybean bags			1,683				15,695				118.15				-				118.15				(421	)			88.61				(842	)			59.07				421				147.68				842				177.22
Araucária VII		Soybean bags			89,962				855,000				122.58				-				122.58				(22,491	)			91.93				(44,981	)			61.29				22,491				153.22				44,981				183.86
Jatobá V		Soybean bags			7,482				59,534				127.59				-				127.59				(1,871	)			95.69				(3,741	)			63.80				1,871				159.49				3,741				191.39
Jatobá VI		Soybean bags			11,897				99,442				128.67				-				128.67				(2,974	)			96.50				(5,949	)			64.33				2,974				160.83				5,949				193.00
Jatobá VII		Soybean bags			54,556				506,688				132.79				-				132.79				(13,639	)			99.59				(27,278	)			66.39				13,639				165.98				27,278				199.18
Alto Taquari IV		Soybean bags			106,371				11,703				108.00				-				108.00				(26,593	)			81.00				(53,186	)			54.00				26,593				135.00				53,186				162.00
Chaparral I		Soybean bags			196,304				1,899,898				139.61				-				139.61				(49,076	)			104.71				(98,152	)			69.81				49,076				174.52				98,152				209.42
Preferência I		Cattle (@)			70,873				316,640				314.99				-				314.99				(17,718	)			236.24				(35,437	)			157.50				17,718				393.74				35,437				472.49
Marangatú		USD			1,465				-				-				-				-				(366	)			-				(733	)			-				366				-				733				-
Total receivables from farms					540,593				3,764,600								-								(135,149	)							(270,299	)							135,149								270,299
Derivative operations		Grains (bags)			892				(3,001,275	)			(a)				2,200				(a)				51,043				(a)				102,458				(a)				(60,368	)			(a)				(121,042	)			(a)
Derivative operations		USD			8,717				(54,374	)			(a)				15,989				(a)				98,436				(a)				196,806				(a)				(98,300	)			(a)				(196,672	)			(a)
Derivative operations		Cattle (@)			-				(31,680	)			(a)				-				(a)				108				(a)				239				(a)				(154	)			(a)				(284	)			(a)
Derivative operations		Cotton (lbs.)			(1,692	)			(5,250,000	)			(a)				3,192				(a)				9,206				(a)				19,395				(a)				(18,083	)			(a)				(38,750	)			(a)
Derivative operations		Ethanol (m^3)			(2,066	)			(22,800	)			(a)				(7,178	)			(a)				40,686				(a)				81,371				(a)				(40,686	)			(a)				(81,371	)			(a)
Derivative operations		Swap (BRL)			1,513				-				(a)				(10,906	)			(a)				25,841				(a)				54,497				(a)				(23,469	)			(a)				(44,918	)			(a)
Derivative operations		Sugarcane (Kg)			903				(6,000,000	)			(a)				14				(a)				8,998				(a)				17,995				(a)				(8,998	)			(a)				(17,995	)			(a)
Margin - Stonex		CDI			(1,055	)			-				14.25	%			2				14.02	%			37				10.52	%			74				7.01	%			(37	)			17.53	%			(74	)			21.03	%
Total Derivatives (a)					7,212				(14,360,129	)							3,313								234,355								472,835								(250,095	)							(501,106	)
Cresca, net		USD			(1,343	)			(259	)			5.18				(102	)			5.58				361				4.19				723				2.79				(361	)			6.98				(723	)			8.37
Cresud, net		USD			(7,174	)			(1,386	)			5.18				(560	)			5.58				1,933				4.19				3,867				2.79				(1,933	)			6.98				(3,867	)			8.37
Total related parties					(8,517	)			(1,645	)							(662	)							2,294								4,590								(2,294	)							(4,590	)

(*)	SOURCE Risks: Bloomberg

(a)	For sensitivity analysis of derivative positions, forward rates and prices at each maturity date of the operation were used, according to the table above.

(b)	The sensitivity analyses do not consider financing transactions and receivables from farms with fixed rate.

Schedule of Financial Liabilities by Maturity

The table below shows the Company’s financial liabilities grouped by maturity. The Company and its subsidiaries continually monitor cash flows to avoid a mismatch between accounts receivable and payable.

		Note				Book value				Contractual value				Less than one year				From one to two years				From three to five years				Above five years
At June 30, 2026
Derivative financial instruments			7				29,074				29,074				9,456				19,618				-				-
Lease payables			15				334,615				605,101				126,223				246,837				145,040				87,001
Trade payable			16				64,678				64,678				64,678				-				-				-
Loans, financing and debentures			17				1,024,300				1,110,176				524,947				400,539				171,960				12,730
Other liabilities			19				18,079				18,079				6,895				11,184				-				-
Transactions with related parties			30				10,226				10,226				-				10,226				-				-

At June 30, 2025
Derivative financial instruments			7				33,124				33,124				15,492				17,632				-				-
Lease payables			15				352,539				635,192				88,397				144,367				248,148				154,280
Trade payable			16				103,658				103,658				103,658				-				-				-
Loans, financing and debentures			17				885,519				1,058,791				402,928				262,410				329,643				63,810
Other liabilities			19				24,445				24,445				7,082				17,363				-				-
Transactions with related parties			30				8,401				8,401				-				8,401				-				-

Schedule of Demonstrates the Financial Debts

The following table demonstrates the financial debts.

		2026				2025
Total derivatives (Note 7)			(7,212	)			(7,458	)
Loans, financing and debentures (Note 17)			1,024,300				885,519
Total acquisitions payable (Note 19)			18,079				24,445
			1,035,167				902,506
Less: cash and cash equivalents (Note 6.1)			(168,499	)			(142,908	)
Less: marketable securities (Notes 6.2)			(34,747	)			(16,908	)
			(203,246	)			(159,816	)
Net debt (net cash)			831,921				742,690
Total equity			2,025,309				2,177,728
Leverage ratio			41.08	%			34.10	%

Schedule of Assets and Liabilities, Classification and the Fair Value Level of Hierarchy

The following table presents the Company’s assets and liabilities, their classification and the fair value, as well as the level of hierarchy:

		June 30, 2026
Consolidated – R$ thousand		Note				Book value				Fair value				Quoted prices in active markets (Level 1)				Significant observable data (Level 2)				Significant non- observable data (Level 3)
Financial assets measured at amortized cost
Current
Cash and cash equivalents			6.1				135,507				135,507				135,507				-				-
Trade receivables, net			8.1				100,281				100,281				-				100,281				-
Non-current
Marketable securities			6.2				18,394				18,394				-				18,394				-
Related-party transactions			30				3,293				3,293				-				3,293				-
Financial assets measured at fair value through profit or loss
Current
Marketable securities			6.2				16,353				16,353				16,353				-				-
Receivables from sale of farm, net			8.1				191,235				191,235				-				191,235				-
Derivative operations (b)			7				6,459				6,459				6,459								-
Derivative operations (b)			7				8,704				8,704				-				8,704				-
Non-current
Receivables from sale of farm, net			8.1				349,358				349,358				-				349,358				-
Derivative operations (b)			7				21,123				21,123				-				21,123				-
Non-financial assets measured at fair value
Current
Biological assets			10				39,751				39,751				-				39,751				-
Biological assets			10				237,523				237,523				-				-				237,523
Non-current
Biological assets			10				13,767				13,767				-				13,767				-
Non-financial assets measured at cost
Non-current
Investment properties			11				1,337,422				3,231,177				-				-				3,231,177
Total							2,479,170				4,372,925				158,319				745,906				3,468,700
Financial liabilities measured at amortized cost
Current
Trade payables			16				64,678				64,678				-				64,678				-
Loans, financing and debentures (a)			17				475,018				524,947				-				524,947				-
Non-current
Related-party transactions			30				10,226				10,226				-				10,226				-
Loans, financing and debentures (a)			17				549,282				585,229				-				585,229				-
Financial liabilities measured at fair value through profit or loss
Current
Leases payable and associated liabilities			15				83,613				126,223				-				126,223				-
Derivative operations (b)			7				9,456				9,456				9,456				-				-
Accounts payable due to acquisition of farm			19				6,895				6,895				-				6,895				-
Non-current
Leases payable and associated liabilities			15				323,953				478,878				-				478,878				-
Derivative operations (b)			7				569				569				569				-				-
Derivative operations (b)			7				19,049				19,049				-				19,049				-
Accounts payable due to acquisition of farm			19				11,184				11,184				-				11,184				-
Total							1,553,923				1,837,334				10,025				1,827,309				-

(a)	The carrying amount of loans, financings, and debentures presented in the financial statements approximates fair value, given that the rates for these instruments are substantially subsidized and there is no intention of early settlement;

(b)	Derivative transactions traded in an active market are measured at fair value under Level 1, while over-the-counter transactions are measured under Level 2, as shown in the table above.

		June 30, 2025
Consolidated - R$ thousand		Note				Book value				Fair value				Quoted prices in active markets (Level 1)				Significant observable data (Level 2)				Significant non- observable data (Level 3)
Financial assets measured at amortized cost
Current
Cash and cash equivalents			6.1				125,614				125,614				125,614				-				-
Trade receivables, net			8.1				149,639				149,639				-				149,639				-
Non-current
Related-party transactions			30				2,822				2,822				-				2,822				-
Financial assets measured at fair value through profit or loss
Current
Marketable securities			6.2				16,908				16,908				16,908				-				-
Receivables from sale of farm, net			8.1				235,419				235,419				-				235,419				-
Derivative operations (b)			7				13,813				13,813				13,813								-
Derivative operations (b)			7				15,796				15,796				-				15,796				-
Non-current
Receivables from sale of farm, net			8.1				521,210				521,210				-				521,210				-
Derivative operations (b)			7				10,973				10,973				-				10,973				-
Non-financial assets measured at fair value
Current
Biological assets			10				26,859				26,859				-				26,859				-
Biological assets			10				238,581				238,581				-				-				238,581
Non-current
Biological assets			10				32,345				32,345				-				32,345				-
Non-financial assets measured at cost
Non-current
Investment properties			11				1,323,834				3,615,837				-				-				3,615,837
Total							2,713,813				5,005,816				156,335				995,063				3,854,418
Financial liabilities measured at amortized cost
Current
Trade payables			16				103,659				103,659				-				103,659				-
Loans, financing and debentures (a)			17				355,841				355,841				-				355,841				-
Accounts payable due to acquisition of farm			19				1,305				1,305				-				1,305				-
Non-current
Related-party transactions			30				8,401				8,401				-				8,401				-
Loans, financing and debentures (a)			17				529,678				529,678				-				529,678				-
Financial liabilities measured at fair value through profit or loss
Current
Leases payable and associated liabilities			15				82,330				82,330				-				82,330				-
Derivative operations (b)			7				13,520				13,520				13,520				-				-
Derivative operations (b)			7				1,972				1,972				-				1,972				-
Accounts payable due to acquisition of farm			19				5,777				5,777				-				5,777				-
Non-current
Leases payable and associated liabilities			15				343,454				343,454				-				343,454				-
Derivative operations (b)			7				202				202				202				-				-
Derivative operations (b)			7				17,430				17,430				-				17,430				-
Accounts payable due to acquisition of farm			19				17,363				17,363				-				17,363				-
Total							1,480,932				1,480,932				13,722				1,467,210				-

(a)	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;

(b)	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.

Schedule of Fair Value of the Credits from the Sale of the Farm

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, 2026, are as follows:

Description		Evaluation method		Significant non-observable inputs		Variation of non-observable inputs		Sensitivity of inputs to fair value
Receivables from sale of farm		Discounted cash flow		Premium (or Basis)		0.43 – 0.70 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$17,282, representing an increase or decrease of 3.21% in the receivables from the farm.