BrasilAgro - Companhia Brasileira de Propriedades Agrícolas

BrasilAgro reported net revenue of BRL 926 million, adjusted EBITDA of BRL 100 million, and a net loss of BRL 90 million for the harvest year ended June 30, 2026, compared with a BRL 138 million loss in the prior period. Management highlighted a portfolio value of BRL 3.1 billion internally, later referencing about BRL 3.34 billion after appreciation, and said the company planted 167,000 hectares. Forward-looking commentary pointed to a positive next cycle driven by stronger current commodity prices, better locked-in pricing for soy and cotton, and expected recovery in sugarcane and ethanol; no formal numeric full-year guidance was given beyond commentary that the company should see a more positive harvest situation and recurring sales again next year.

André Guillaumon framed the year as one of extreme macro and commodity volatility, but said BrasilAgro continued to create shareholder value through land transformation, maturity of planted areas, and active portfolio management. He stressed that the company is not a passive landholder: it buys, transforms, and sells land, using diversification and technology such as telemetrics and AI to manage operations in real time. His tone was upbeat and defensive at once, emphasizing resilience, 20 years of history, and confidence that the company is positioned for a stronger next cycle.

Gustavo Javier Lopez said the BRL 90 million loss reflected lower sugarcane and cotton results, while soy and corn were positive and helped offset the damage. He noted financial results worsened by about BRL 14 million year over year because of higher cost of capital, with financial income supported by a minimum cash position of BRL 100 million to BRL 160 million and interest expense around BRL 100 million annually, implying about BRL 80 million of net interest burden. He also said debt was about BRL 1.2 billion and receivables about BRL 500 million, and that management intends to use receivables and farm-sale proceeds to reduce leverage rather than renew the CRA instrument. On capital allocation, he reiterated that annual CapEx has averaged about BRL 150 million over the last five years, and that the company is aiming for a lower debt balance and more disciplined CapEx going forward.

Analysts pressed management on why cost per hectare could improve despite fertilizer prices still being high, and on whether sugarcane harvesting delays from excess rain were already built into guidance. Management said lower costs should come from better timing of purchases, scale, more own-seed production, and reduced investment in marginal areas as capital costs rose; on sugarcane, they said some delays are due to operational issues and weather, but the harvest should continue into late November and the company expects a recovery. Another analyst asked about the pace of land sales and whether capital would be used for deleveraging or land repurchases; management said BrasilAgro will continue both buying and selling land, but in the current environment debt reduction is the priority over buybacks. On the shareholder return question, André said the planned BRL 30 million dividend is more symbolic than transformative and argued that reducing debt now creates more value than repurchasing a small portion of the company.