SLC Agricola SLC to Acquire Radar’s MT Farmland Portfolio for R$1.85bn: Strategic Asset, But Dilutive vs. Deep Equity NAV Discount

Research evidence excerpt

SLC Agricola SLC to Acquire Radar’s MT Farmland Portfolio for R$1.85bn: Strategic Asset, But Dilutive vs. Deep Equity NAV Discount

J P M O R G A N Latin America Equity Research

26 June 2026

SLC Agricola

SLC to Acquire Radar’s MT Farmland Portfolio for R Neutral

$1.85bn: Strategic Asset, But Dilutive vs. Deep Equity SLCE3.SA, SLCE3 BZ

NAV Discount Price (25 Jun 26):R$13.30

LatAm Food & Beverages and

SLC Agrícola announced the exercise of its right of preference for the Agribusiness

acquisition of the entire “Bloco Mato Grosso” farmland portfolio from Lucas Ferreira AC

Cosan’s Radar, totaling approximately 41.2k hectares for R$1,850mn. Of this (55-11) 4950-3629

area, 28.8k hectares are arable, with 17.6k hectares already operated by SLC. lucas.x.ferreira@jpmorgan.com

Banco J.P. Morgan S.A.

Management highlighted that 100% of the land is suitable for second-crop

Larissa Perez

planting, resulting in an incremental planted area of roughly 22k hectares. All in,

(55-11) 4950-6400

the company is paying R$~64.2k per hectare, representing a 15% discount to larissa.perez@jpmchase.com

regional farmland values, according to management. The transaction will be Banco J.P. Morgan S.A.

completed on a ‘porteira fechada’ basis, including all assets associated with the Froylan Mendez

properties (machinery, storage facilities, etc.). The payment structure consists of (52-55) 5540-9482

a R$700mn down payment (escrow, adjusted by 100.25% of CDI) to be paid within froylan.mendez@jpmchase.com

the next five days and a remaining balance of R$1,150mn due by October 30, 2026. J.P.MorganMorganGrupoCasaFinancierode Bolsa, S.A. de C.V., J.P.

The deal follows a competing offer from Grupo Bom Futuro (at the same price of

R$1,850mn) and remains subject to anti-trust authorities approval and other