BrasilAgro Companhia Brasileira de Propriedades Agrícolas (AGRO3) Q4 2026 earnings summary

Executive summary

• Net revenue for FY2026 was R$891.7 million, up 2% year-over-year, driven by strong grain performance and operational efficiency, but down 25% compared to the prior year due to a sharp drop in farm sales revenue and real estate gains.

• Adjusted operational EBITDA was R$97.3 million (up 11% YoY), while total adjusted EBITDA was R$99.3 million (down 63% YoY); net loss was R$90.0 million, reversing a net income of R$138.0 million in FY2025.

• Grain revenue grew 27% with a 34% increase in volume sold, offsetting weaker results in sugarcane and cotton.

• Real estate portfolio value rose 8.2% to R$3.34 billion, reflecting ongoing asset development and land appreciation.

• Production of grains and cotton increased 16% year-over-year to 426.4 thousand tons.

Financial highlights

• Consolidated net revenue: R$891.7 million (2% YoY growth); adjusted operational EBITDA: R$97.3 million (+11% YoY); total adjusted EBITDA: R$99.3 million (down 63% YoY).

• Net loss: R$90.0 million (vs. net income of R$138.0 million prior year).

• Gross margin for grains: 20% for soybeans, 21% for corn; grain sales volume up 34% YoY.

• Cash and equivalents: R$168.5 million (up 18% YoY).

• Portfolio value increased from R$3.09 billion to R$3.34 billion year-over-year.

Outlook and guidance

• For 2026/2027, a more selective crop plan is adopted due to El Niño risks, with a 1% reduction in total planted area and significant crop mix adjustments: 70% less first-crop cotton, 5% less soybeans, 22% more first-crop corn, and 36% more safrinha cotton.

• Focus on optimizing portfolio composition and risk-return, not expanding area.

• Climate risks associated with El Niño require regionalized management and operational flexibility.

• Cost per hectare expected to improve due to better timing of fertilizer purchases and increased use of own seeds.

• Guidance includes stable or slightly reduced sugarcane area, with rain and operational delays factored into projections.