SLC Agricola SA (SLCE3.SA): Key takeaways from 2026 Farm Day

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SLC Agricola SA (SLCE3.SA): Key takeaways from 2026 Farm Day

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16 Jun 2026 00:12:30 ET │ 11 pages

SLC Agricola SA (SLCE3.SA)

Key takeaways from 2026 Farm Day

CITI’S TAKE

SLC Agrícola held its Farm Day 2026, updating 2025/26 and 2026/27

Neutral crop projections, hedge positions, irrigation, and the 2026 land appraisal

Price (15 Jun 26 18:00) R$14.12 report. These updates reinforce the company’s focus on climate risk

mitigation and operational stability. SLC executes a disciplined capital Target price R$15.00

allocation policy, maximizing returns by optimizing the production mix Expected share price return 6.2%

while expanding its footprint through owned and leased land, targeting a Expected dividend yield 5.0%

2x leverage ratio. While updated land valuation confirms asset Expected total return 11.2%

appreciation, we remain cautious. All eyes remain on 2026/27 margins, Market Cap R$7,042M

given potential negative impacts from a strong El Niño and cost pressure,

US$1,392M supporting our Neutral rating. The company has secured phosphate and

potash needs and is evaluating its production mix and nitrogen

acquisition for the upcoming season.

Gabriel BarraAC

The company reported that its owned land, including areas linked to co-investment +55-11-4009-2223

agreements, was appraised by Deloitte at R$13.53bn. This valuation reflects a 1.0% gabriel.barra@citi.com

increase in the average value per arable hectare, reaching R$ 59,534. Notably, the

Pedro Gamacompany’s IPO portfolio has achieved a CAGR of 12.70% from 2007 to 2026,

+55-21-4009-0431significantly outperforming the net CDI benchmark of 8.2% during the same period.

pedro.gama@citi.comConsequently, the company updated its Net Asset Value (NAV) to R$ 13.82 billion,

resulting in an NAV per share of R$ 27.7.