Terra Santa Propriedades Agrícolas (LAND3) Q3 2026 earnings summary

Executive summary

• 3Q26 net income was R$11.056 million, versus a R$18.333 million loss in 3Q25; 9M26 net income was R$6.758 million, versus a R$3.621 million loss.

• 3Q26 Adjusted EBITDA rose 23.9% YoY to R$15.6 million; net debt fell to R$6.6 million from R$57.2 million at Dec/25.

• 9M26 results included a R$31.042 million non-cash impairment on land subject to a property dispute.

• NAV was R$28.60 per share versus a R$9.20 share price at Sep/26, a 68% discount to NAV.

Financial highlights

• Consolidated net revenue was R$21.897 million in 3Q26, down 0.7% YoY; 9M26 revenue was R$67.924 million versus R$73.918 million.

• 3Q26 gross revenue rose 2.9% to R$23.5 million; average realized lease price increased 5.8% YoY to R$113.45 per soybean bag.

• Operating result before finance and taxes was R$14.970 million in 3Q26 and R$12.603 million in 9M26, versus losses of R$24.847 million and R$0.176 million in 2025.

• 9M25 revenue included a one-time retroactive rent adjustment of ~R$8.5 million for 79.8 thousand soybean bags, not repeated in 2026.

• 9M26 operating cash flow was R$49.079 million, up from R$45.803 million in 9M25; period-end cash was R$59.592 million.

Outlook and guidance

• Priorities include expense discipline, managing legacy contingencies, lease-contract management and property regularization to preserve and extract value from the land portfolio.

• Agricultural leases with SLC CO run through the 2045/46 crop year; consideration is 20.5 soybean bags per leased hectare, with the next price review scheduled for 2027.

• ~R$153 million in approved, unused credit lines was available for liquidity and working capital needs over the next 12 months.