SLC Agrícola (SLCE3) Q3 2025 earnings summary

Executive summary

• Net revenue for 9M25 rose 27.1% year-over-year to R$6.3 billion, setting a record for volume and revenue, with adjusted EBITDA at R$2.03 billion (32.3% margin) and net income at R$636 million, up 19.3%, driven by strong soybean and corn yields and operational expansion from acquisitions.

• The quarter included the consolidation of Sierentz Agro Brasil Ltda. and a landmark partnership with BTG Pactual-managed funds for farmland monetization and irrigation, with a R$1.034 billion investment.

• Planted area for 2025/26 is projected at 835,754 hectares, up 13.6% from the previous year, reflecting expansion and acquisitions.

Financial highlights

• 3Q25 net revenue was R$2.1 billion, up 27.9% year-over-year, with gross margin at 29.8% and adjusted EBITDA at R$531 million (25.5% margin).

• Net income for 9M25 reached R$636 million, up 19.3% year-over-year; 3Q25 net loss was R$14.5 million, mainly due to non-recurring items.

• Adjusted net debt rose to R$6.18 billion in 3Q25, with Net Debt/EBITDA at 2.34x and 69% of debt long-term.

• Capex in 9M25 totaled R$1.56 billion, mainly for land acquisition and irrigation projects.

Outlook and guidance

• Budgeted cost per hectare for 2025/26 is R$7,082, up 9.7% from 2024/25, mainly due to higher fertilizer and crop protection costs.

• Nearly 100% of key crop inputs for 2025/26 have been secured, with significant hedging for FX and commodities.

• Seed sales to third parties and internal use projected at 1.8 million bags, up 28% year-over-year.