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

Executive summary

• Net revenue for FY2026 ranged from BRL 891.7 million to BRL 926.7 million, with a net loss of BRL 90 million, reversing a prior year profit, amid significant geopolitical, economic, and climate volatility.

• Adjusted EBITDA was BRL 99.3 million, down 63% year-over-year, while operational EBITDA showed modest growth in some reports.

• Grain production and sales volumes rose 16–34%, with strong performance in soy and corn offsetting weaker results in sugarcane and cotton.

• Portfolio value increased 8–8.2% to BRL 3.34 billion, driven by land appreciation and asset development.

• Major operational achievements included record harvests, productivity gains, and selective asset sales.

Financial highlights

• Net revenue: BRL 891.7–926.7 million, with operational revenue up 2% but farm sales revenue down sharply.

• Adjusted EBITDA: BRL 99.3 million (down 63% YoY); operational EBITDA up 11% in some segments.

• Net loss: BRL 90 million, compared to a profit of BRL 138 million in the prior year.

• Gross margins: Soybeans 20–24%, corn 21–26%, sugarcane 5–18%, cotton negative.

• Cash and equivalents: BRL 168.5 million, up 18% YoY.

Outlook and guidance

• 2026/27 crop plan is more selective, with a 1% reduction in total planted area and significant crop mix adjustments due to El Niño risks.

• Soybean area to decrease by 5%, corn to increase by 7–22%, cotton to decrease by 27% (first crop) but increase in safrinha cotton.

• Focus on optimizing risk-return and operational quality over area expansion.

• Cost per hectare expected to improve with better input timing and selective planting.

• Anticipated land sales and ongoing portfolio optimization based on market opportunities.