COMP <GO>

LND vs VFF // OPTIONS IMPLIED MOVE & PUT/CALL SKEW

Brasilagro Brazilian Agric Real Estate Co Sponsored ADR (Brazil) (NYSE) VS. Village Farms International Inc. (NASDAQ) • 15-METRIC TALLY: LND 1 — VFF 1

■ METRIC PARITY

LND — Brasilagro Brazilian Agric Real Estate Co Sponsored ADR (Brazil) ROARABLE D+ • RQD 55/100

LAST: $3.18 (+0.95%) • MKT CAP: $326.5M

DES <GO> FA <GO> 10-K RED <GO>

options-implied-move

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VFF — Village Farms International Inc. ROARABLE C- • RQD 59/100

LAST: $2.59 (+0.39%) • MKT CAP: $316.7M

DES <GO> FA <GO> 10-K RED <GO>

options-implied-move

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (LND VS. VFF) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	LND	VFF	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	40.60%	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	—	10.50%	—	TIE	/roic <GO>
EV/EBITDA & P/E Valuation	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	—	—	—	TIE	/fcf-yield <GO>
Operating Margin	—	—	—	TIE	/operating-margins <GO>
Net Profit Margin	—	15.00%	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	10.20%	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	—	6/9	—	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew ACTIVE	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	29.0	38.6	-9.63	VFF	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	—	9.1x	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$326.5M	$316.7M	$9.8M	LND	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	LND REV	VFF REV	LND GROSS %	VFF GROSS %	LND FCF	VFF FCF
FY 2025	—	$215.9M	—	40.6%	—	—
FY 2024	—	$195.9M	—	23.4%	—	$3.2M
FY 2023	—	$163.1M	—	—	—	$5.3M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

LND // BETA —

VFF // BETA —