Boa Safra Sementes (SOJA3) Q3 2025 earnings summary

Executive summary

• Achieved record sales and gross operating revenue growth of up to 58% in Q3 2025, with net operating income rising 56% year-over-year and net revenue for the nine months reaching R$1.39 billion, driven by strong soybean seed sales, portfolio diversification, and operational expansion.

• Gross profit increased by up to 51%, with gross margin improving to 15% in the nine months and remaining stable at 13% in Q3 2025.

• Adjusted EBITDA grew up to 54% year-over-year to R$114 million in Q3 2025, with a stable margin of 10%.

• Net income reached R$68 million in Q3 2025, up 26% year-over-year, with consolidated net income for the nine months at R$109.5 million, a 36% increase.

• Expanded operational footprint through acquisitions, new units, and leadership hires, supporting innovation and new crop segments.

Financial highlights

• Gross operating revenue for Q3 2025 was up to R$1.2 billion, with consolidated gross profit for the nine months at R$207.5 million.

• Adjusted EBITDA for the quarter reached R$114 million, and net income for the year-to-date period was R$190 million.

• Financial income rose to R$172.9 million, with financial expenses at R$146.2 million, resulting in a positive net financial result.

• Total assets grew to R$4.1 billion as of September 30, 2025.

• Net debt to equity ratio decreased to 0.04, reflecting strong cash generation and capital structure.

Outlook and guidance

• Q4 2025 is expected to be strong, with continued revenue growth, improved margins, and robust demand for soybean seeds.

• 2026 projected to see normalized market conditions, healthier profitability, and improved industry margins as excess inventory declines.

• Focus is shifting from aggressive growth to efficiency, capital allocation, and risk management.

• Portfolio diversification and investments in capacity expansion support future growth.