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Terra Santa Propriedades Agrícolas (LAND3) investor relations material
Terra Santa Propriedades Agrícolas Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved significant revenue and profit growth in 2Q25, driven by higher soybean prices and renegotiated lease contracts, with net income of R$5.0 million versus a loss in 2Q24 and EBITDA of R$9.9 million, up 52.6% year-over-year.
Lease contract renegotiation increased annual soybean payment from 17 to 20.5 sacks per hectare, effective for 2024/25 to 2026/27, boosting future revenue streams.
Financial highlights
Net revenue in 2Q25 reached R$29.9 million, up 68.0% year-over-year, mainly from lease income.
Gross profit was R$28.8 million, a 73.5% increase, with gross margin rising to 96.3%.
Net income for 2Q25 was R$5.0 million, reversing a R$694 thousand loss in 2Q24; 1H25 net income totaled R$14.7 million, up 156.8%.
EBITDA for 2Q25 was R$9.9 million (up 52.6%), and Adjusted EBITDA was R$23.9 million (up 125.8%).
Operating expenses rose 79.0% due to a R$12.6 million provision for ICMS tax contingency.
Financial result improved, with a net expense of R$3.4 million versus R$6.5 million in 2Q24.
Outlook and guidance
All 2024/25 soybean production volume was price-fixed at R$107.52/sc, fully hedged against price and FX volatility.
No price fixing yet for the 2025/26 crop; 49% of FX and 39% of soybean price exposure already hedged.
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