Kepler Weber S A : Dados Econômico-Financeiros

Interim Financial Statements March 31st, 2024 and 2023

with Independent Auditor's Review Report

São Paulo, April 29, 2024

Kepler Weber S.A.

Parent company and consolidated interim financial statements

March 31st, 2024 and 2023

Summary

Interim financial statements
Earnings Release	3
Independent auditor's review report on parent company and consolidated interim financial statements. 20
Statement from the Board of Executive Officers on the Financial Statements	22
Statement from the Board of Executive Officers on the Report of the Independent Auditors	23
Balance Sheets	25
Income Statements	27
Statements of comprehensive income	28
Statements of changes in equity	29
Statements of cash flows - indirect method	30
Statements of value added	31
Notes to parent company and consolidated interim financial statements	32

http://ri.kepler.com.br/

1Q 2024 Earnings Release

2

1Q24 EARNINGS RELEASE

"Strong quarter with robust profitability, driven by Positive Sales Mix and Strategic Diversification"

HIGHLIGHTS

NET REVENUES reached R$380.3 million in the first quarter of 2024, representing an increase of 17.7% compared to the same period in 2023.

EBITDA totaled R$90.4 million in the first quarter of 2024, up by 16.8% compared to the first quarter of 2023. The EBITDA margin for the quarter remained at the same level as the first quarter of 2023, at 23.8% and 24.0%, respectively.

NET INCOME reached R$52.2 million in the first quarter of 2024, up by 2.0% compared to the first quarter of 2023. The net margin was 13.7%, down by 2.1 percentage points compared to the same period of the previous year. This negative variation is due to the increase of 6.5 percentage points in the effective IR/CSLL tax rate, as a result of the changes caused by Law 14.789/23.

1Q24 EARNINGS RELEASE

São Paulo, April 29, 2024 | Kepler Weber S/A (B3: KEPL3), the parent company of the Kepler Weber Group and a leader in equipment for storage and post-harvest grain solutions in Latin America, announces its consolidated results for the first quarter, ended March 31, 2024 ("1Q24"). The individual and consolidated interim financial statements were prepared in accordance with CPC 21 (R1) - Intermediate Statements, which was prepared by the Accounting Pronouncements Committee (CPC), and in accordance with IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board (IASB)

MESSAGE FROM THE MANAGEMENT

KEPLER achieved an outstanding performance in 1Q24, with notable expansion in most of its operating segments. This success led to a significant growth of 17.7% in Net Revenues, driving an increase of 18.0% in adjusted EBITDA compared to the same period of the previous year.

The adjusted EBITDA margin increased by 0.1 percentage points compared to 1Q23, reaching 24.0%. This increase evidences the Company's robust profitability, demonstrating operational consistency and business diversification.

Due to this diversification, we achieved a favorable sales mix, driven by the notable growth of 22.8% in the Farms segment, combined with the continuous improvement of our operational process. These factors enabled a robust margin in the first quarter of 2024.

Another highlight was the resumption of growth in International Business, expanding our billings by 70.2% as a result of sales to South American countries, driven by the stabilization rainfall levels and record grain production. In the Ports and Terminals segment, there was a significant increase in revenues of 46.5% compared to 1Q23, due to the realization of sales made in 2023 and participation in several important projects at the beginning of 2024.

In the Replacement and Services segment, we achieved an increase of 11.8% in Net Revenues. We highlight the significant contribution of PROCER, which started 2024 by boosting Kepler's performance. In this quarter, the R&S segment served 1,826 customers, an increase of 6.3% compared to 1Q23, reaffirming our customer proximity strategy and increasing our share in recurring revenues in the period.

We advanced in another quarter with exemplary ROIC, delivering 43.0% and maintaining consistency in this important indicator. Likewise, the Company's Cash remains at a sound level of R$319.7 million, in spite of the amortization of R$50.0 million in financing and consumption of R$40.5 million in Working Capital, which is a natural trend in a period of negative inflection in sales seasonality.

The outlook for the coming quarters remains positive, driven by opportunities in the segments of Agribusiness, Ports and Terminals, and Replacement and Services, in addition to the potential growth in orders in the Farms segment, despite macroeconomic challenges. Although the second quarter is traditionally marked by lower revenues due to typical seasonality, we are working with a scenario of gradual evolution throughout the year. Usually, the Warehouse Construction and Expansion Program ("PCA") is announced at the end of the second quarter, which generally boosts the order book for the second half of the year.

Table 1 | Key Performance Indicators (R$ million)

	1Q24	1Q23	Δ%	4Q23	Δ%
Return on Invested Capital (*)	43.0%	80.3%	-37.3 p.p.	43.9%	-0.9 p.p.
Net Operating Income	380.3	323.1	17.7%	502.2	-24.3%
Net Income	52.2	51.2	2.0%	94.0	-44.5%
Adjusted Net Income	52.8	51.2	3.1%	84.5	-37.5%
Net Margin	13.7%	15.8%	-2.1 p.p.	18.7%	-5 p.p.
Adjusted Net Margin	13.9%	15.8%	-2 p.p.	16.8%	-2.9 p.p.
EBITDA	90.4	77.4	16.8%	117.2	-22.9%
EBITDA Margin	23.8%	24.0%	-0.2 p.p.	23.3%	0.4 p.p.
ADJUSTED EBITDA (**)	91.3	77.4	18.0%	117.9	-22.6%
Adjusted EBITDA Margin (**)	24.0%	23.9%	0.1 p.p.	23.5%	0.5 p.p.
Earnings per Share	0.2951	0.2868	2.9%	0.5319	-44.5%

1. ROIC LTM for the last 12 months | (**) Adjusted Ebitda = Ebitda (-)Non-recurring events (provisions for legal proceedings and non- expected costs)

http://ri.kepler.com.br/

1Q 2024 Earnings Release

4

São Paulo, April 29, 2024

NET OPERATING REVENUES

Net Revenues in 1Q24 recorded an increase of 17.7% compared to the same period in 2023, with 90% coming from operations in the domestic market, while the remaining 10% came from operations in the foreign market.

This quarter, we saw an increase of R$13.9 million in net revenues in the Replacement & Services segment. This performance was mainly due to Procer, which, alone, generated a 216% increase in net revenues in 1Q24, considering that the takeover took place in March 2023, that is, three full months in 1Q24 versus one month in 1Q23.

Figure 1 below illustrates the evolution in the proportion of revenues among the markets:

Figure 1 | Net Operating Revenues by Market (in R$ million)

Farms

ROL	Farms
1Q24	132.0
1Q23	107.4
Δ%	22.8%
4Q23	151.2
Δ%	-12.7%

• In 1Q24, Net Revenues from the "Farms" segment was R$132 million, or an increase of 22.8% compared to the same period in 2023. Compared to the last quarter (4Q23), there was a seasonal reduction of 12.7% in revenues in this segment.
• Compared to the same period in the previous year, the increase was driven by a sound portfolio by year-end, which supported revenues in 1Q24. Furthermore, our territory segmentation strategy demonstrated its effectiveness once again. Despite facing severe droughts in the North region, we were able to take advantage of the favorable climate in the South region for the first time in the last three years, which boosted the resumption of investments in storage.
• Compared t 4Q23 earnings, there was a reduction, which is due to the historical market seasonality in the segment, influenced by the soybean harvest calendar, which reduced the volume of investments during the first quarter.

http://ri.kepler.com.br/

1Q 2024 Earnings Release

5

São Paulo, April 29, 2024

• In 1Q24, new sales amounted to R$35.5 million, which will boost performance in the second and third quarters of 2024. These sales include four projects worth R$22.2 million and aimed at medium-sized rural producers in the states of Bahia, Roraima, Goiás, Paraná and Mato Grosso. Furthermore, we highlight a larger project worth R$13.3 million for a client in the State of Minas Gerais.

Agribusiness

ROL	Agribusiness
1Q24	106.0
1Q23	110.1
Δ%	-3.7%
4Q23	198.8
Δ%	-46.7%

International Business

• In 1Q24, Net Revenues from the "Agribusiness" segment reached R$106.0 million, down by 3.7% compared to the same period in 2023.
• In the quarter, we strategically prioritized the allocation of resources to most profitable segments. As a result, we were able to maintain a stable level of net revenues in absolute numbers in this segment.
• In relation to 4Q23, we saw a reduction of 46.7% in the Agribusiness market, which was also reflected in the Farms segment, as a result of seasonality, influenced by the summer harvest, which is the most significant period in the agricultural calendar.
• In 1Q24, the segment recorded important new sales in the amount of R$119.3 million. This includes projects for two cooperatives, four grain producers and four agribusiness companies. These sales are expected to boost revenues in the second half of 2024.

ROL	International
Businesses
1Q24	38.8
1Q23	22.8
Δ%	70.2%
4Q23	32.2
Δ%	20.5%

• Net Revenues from the "International Business" segment in 1Q24 reached R$38.8 million, up by 70.2% compared to the same period in 2023. Compared to the last quarter of 2023, there was an increase of 20.5% in revenues.
• The 70.2% increase in Net Revenues from International Business reflects our excellent performance in sales of larger projects that were agreed in the fourth quarter of 2023. Added to the robustness of the year-end portfolio, this segment contributed with the highest % growth for the quarter.

http://ri.kepler.com.br/

1Q 2024 Earnings Release

6

São Paulo, April 29, 2024

• In addition to Paraguay, as already mentioned in previous quarters, the period's results were positively affected by significant business in Venezuela and Ecuador, which enabled a 20.5% increase in revenues compared to 4Q23. This reinforces Kepler Weber's leading position in the Latin American market.
• In 1Q24, important sales were made in this segment in the amount of R$22.9 million, including 03 projects for grain producers, which will boost revenues until the second half of 2024.

Ports and Terminals

ROL	Ports & Terminals
1Q24	46.6
1Q23	31.8
Δ%	46.5%
4Q23	31.7
Δ%	47.0%

• In 1Q24, Net Revenues from the "Ports and Terminals" segment reached R$46.6 million, or an increase of 46.5% compared to the same period in 2023. Compared to 4Q23, there was an increase of 47.0% in Net Revenues from this segment.
• The segment's sound performance during this period was mainly driven by three major projects. A terminal in Bahia, dedicated to grains and fertilizers, will play a crucial role in increasing agricultural production in the MATOPIBA region; a port project in the State of Pará will foster the logistic and economic development in the Northern Arc region; and, finally, an important corn ethanol company in the State of Mato Grosso, which has also contributed significantly to this growth.
• Additionally, two projects in Paranaguá (State of Paraná), which is one of Brazil's main grain ports, are in advanced stages of implementation. They will play a crucial role in increasing flow capacity, and will be instrumental in boosting agricultural units in their respective regions.
• The Company keeps a sound position and has a robust business portfolio in this segment, which has a highly relevant role in our diversification strategy.

http://ri.kepler.com.br/

1Q 2024 Earnings Release

7

São Paulo, April 29, 2024

Replacement and Services (R&S)

Sorriso | MT	Campo Grande | MS
Paragominas | PA	Cascavel | PR
Balsas | MA	Panambi | RS
Cuiabá | MT	Luís Eduardo
Rio verde | GO	Magalhães | BA

ROL

1Q24 1Q23 Δ% 4Q23 Δ%

Replacement and Services 57.0 51.0 11.8% 88.3 -35.4%

• In 1Q24, Net Revenues from the "Replacement and Services" segment reached R$57.0 million, up by 11.8% compared to the same period in 2023. However, compared to 4Q23, the variation of 35.4% is associated with the seasonal effect in the segment.
• This increase is mainly explained by the consolidation of Procer, which contributed with an increase of R$9.5 million compared to 1Q23 and 1Q 24 . This result was driven by the robust order portfolio. The R&S segment served 1,826 customers and processed 3.6 thousand orders, up by 6.3% and 10% respectively compared to 1Q23.

• Furthermore, growth was driven by a broad and diversified portfolio across all agricultural regions. Among all regions where we operate, the South region recorded the highest volume of revenues, favored by a more favorable climate.
• We are developing two new projects in this segment: "Grãos de
  Conhecimento," a distance learning platform with educational videos, created to guide our customers on the safety and proper use by the labor force of Kepler's equipment in the storage process; and Kepler Checklist, a preventive diagnosis and maintenance application that aims to improve operational efficiency. Both projects aim at continually generating value in customer relationships, and facilitating the receipt of automated purchase orders through the diagnosis application.

COST OF GOODS SOLD (COGS)

Costs of Goods Sold (R$ million) | Net Revenues (%)

• The Company's COGS remained stable, with a slight drop of 0.5 p.p. and an increase of R$37.3 million in absolute values.
• Despite the unfavorable scenario for the mix, with greater consumption of time in more robust and complex projects, we operated with significantly higher production volumes in the quarter. Even so, costs have not followed this increase due to efficient management, scale savings, and optimization of operational performance, recording a variation of only 16.9% in COGS.
• Furthermore, in 1Q24, we highlight the increase of R$4.3 million relating to the costs of Procer, a company that started to be consolidated in March 2023, representing three full months in 1Q24, compared to just one month in 1Q23.

http://ri.kepler.com.br/

1Q 2024 Earnings Release

8

São Paulo, April 29, 2024

Figure 2 |COGS Breakdown

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

Selling Expenses (R$ million) % against Net Revenues

• Selling Expenses in 1Q24 totaled R$23.7 million, representing 6.2% of net revenues, with a reduction of 0.7 percentage point compared to the same period of the previous year. This improvement reflects our ongoing commitment to improving our business efficiency.
• The variation in Selling Expenses reflects the impact of inflation on personnel costs and related charges (+R$1.0 million), as well as the increase in expenses with trade fairs and exhibitions and third-party services (+R$0.5 million). However, the positive performance of Commissions, which represent a decrease of 1.0 percentage point against Net Revenues, has offset the impact of the merger of Procer's expenses the quarter.

General and Administrative Expenses (R$ million) % against Net Revenues

• General and Administrative Expenses totaled R$25.0 million in 1Q24, corresponding to 6.6% of Net Revenues, an increase of 0.9 percentage point compared to previous quarters.
• The variation in expenses from 1Q24 to 1Q23 is mainly due to one-off expenditures on strategic projects, as well as expenses related to the completion of the Company's succession plan.

http://ri.kepler.com.br/

1Q 2024 Earnings Release

9

São Paulo, April 29, 2024

OTHER NET OPERATING REVENUES AND EXPENSES

Other Net Operating Revenues and Expenses presented positive results of R$7.0 million and R$8.0 million in 1Q24 and 1Q23, respectively, representing a reduction of 12.6%. This reduction is mainly due to the provision for Profit Sharing, given the performance of the results, which increased by +1.8% compared to 1Q23.

FINANCIAL RESULT

Financial Revenues

Financial Revenues amounted to R$8.6 million in 1Q24 and R$15.6 million in 1Q23, representing 2.3% and 4.8% of net revenues, respectively. Although Cash has been kept in line with the first quarter of 2023, the reduction in the Selic rate in the period impacted the earnings from financial investments.

Financial expenses

Financial Expenses amounted to R$9.1 million in 1Q24, compared to R$13.5 million in 1Q23, representing 2.4% and 4.2% of net revenues, respectively. This decline mainly reflects the Company's lower debt.

Net Financial Result

The Net Financial Result amounted to negative R$0.5 million in 1Q24, compared to a positive result of R$2.1 million in 1Q23. The variation in the quarter mainly reflects the performance of financial revenues.

EBITDA

Table 2| EBITDA

Net Result (R$ thousands)	1Q24	1Q23	Δ%	4Q23	Δ%
1Q24 x	1Q24 x
Net Operating Revenue	380,311	323,104	17.7%	502,205	-24.3%
Profit for the Period	52,156	51,241	1.8%	94,024	-44.5%
(+) Provision for IR and CS - Current and Deferre	27,866	20,536	35.7%	13,070	113.2%
(-) Financial Revenues	(8,597)	(15,624)	-45.0%	(14,622)	-41.2%
(+) Financial Expenses	9,141	13,545	-32.5%	15,356	-40.5%
(+) Depreciation and Amortization	9,848	7,727	27.4%	9,411	4.6%
EBITDA Margin	23.8%	24.0%	-0,2 p.p.	23.3%	0,4 p.p.
EBITDA	90,414	77,425	16.8%	117,239	-22.9%
Supplementary Costs and Warranties	-	-		-
(+) Contingencies/Other	924	(65)	-1528.2%	695	32.9%
Adjusted EBITDA Margin	24.0%	23.9%	0,1 p.p.	23.5%	0,5 p.p.
Adjusted EBITDA	91,337	77,360	18.1%	117,934	-22.6%
(+) Provision for IR and CS - Current and Deferre	(314)	22	-1528.2%	(10,236)	-96.9%
Adjusted Net Margin	13.9%	15.8%	-2 p.p.	16.8%	-2,9 p.p.
Adjusted Net Income	52,766	51,198	3.1%	84,483	-37.5%

In 1Q24, the Company's EBITDA reached R$90.4 million, compared to R$77.4 million in 1Q23. The EBITDA margin for the quarter was 23.8%, 0.2 percentage point lower than in 1Q23. Despite an unfavorable mix, the positive variation of +16.8% in EBITDA is explained by the increase in the level of activity during the period, as a result of a balanced management of volumes, prices and costs.

http://ri.kepler.com.br/

1Q 2024 Earnings Release

10