BrasilAgro - Companhia Brasileira de Propriedades Agrícolas

For the year ended June 30, 2026, BrasilAgro reported net revenue of BRL 926 million, adjusted EBITDA of BRL 100 million, and a net loss of BRL 90 million, versus BRL 138 million of loss in the prior comparable period. Management also cited a portfolio value of BRL 3.1 billion, later moving to BRL 3.34 billion, and total planted area of 167,000 hectares. On the operating side, management highlighted about 19% higher soy production, 30% higher corn production, almost 40% higher bean productivity despite a 70% area reduction, and almost 50% higher cotton productivity. Forward-looking commentary centered on a better next cycle, with management expecting recovery in sugarcane, stronger grain pricing, and more normalized results as delayed effects roll into the next period. On costs, they said MAP fertilizer purchases rose from about BRL 580-600 per ton to about BRL 800-850 per ton, while cost of capital was about 14%.

André Guillaumon framed the year as one of extreme geopolitical, FX, and commodity volatility, but repeatedly stressed that BrasilAgro still created value through land transformation, productivity gains, and disciplined portfolio management. He said the company is not a passive landholder and that its advantage comes from reshaping land, improving maturity, and using technology such as telemetry and AI for real-time management. His tone was optimistic about the next cycle, saying current commodity recoveries and the company’s operational adjustments should support better results ahead.

Gustavo Javier Lopez said the BRL 90 million loss reflected the pressure from sugarcane and cotton, which suffered from frost, fires, quality issues, and lower volumes, while soy and corn offset part of that weakness with stronger prices, margins, and productivity. He noted financial expense pressure from a high cost of capital, with about BRL 100 million of annual interest and roughly BRL 80 million of net interest after investment income, and said the company keeps a minimum cash position of BRL 100 million to BRL 160 million. He also pointed to debt of about BRL 1.2 billion and receivables of about BRL 500 million, saying receivables will be used to reduce debt and that management does not want to renew the CRA instrument. He added that capex has averaged about BRL 150 million per year over the last five years for land transformation, irrigation, and technology improvements, but the company aims for better capital allocation going forward.

Analysts focused on what is driving the lower cost per hectare guidance, the sugarcane outlook, the pace of farm sales, and capital allocation between debt reduction and land repurchases. Management said lower costs per hectare are being supported by better surface selection, more cautious investment under a high cost of capital, scale, and greater use of the company’s own seeds, while sugarcane still faces timing risk from rain and operational delays but should benefit from normalizing milling. On land sales, André said BrasilAgro expects to keep buying and selling land, with more sales likely ahead as the portfolio has matured, but there is no shift away from the core model. On the question of buybacks versus dividends or debt reduction, management said the current priority is reducing leverage, not repurchasing shares aggressively, and framed the BRL 30 million dividend/reserve distribution as more symbolic than transformative.