Boa Safra Sementes (SOJA3) Q4 2025 earnings summary

Executive summary

• Achieved record 10% market share in soybean seeds, with 34% growth in units sold year-over-year and expanded to 996 distributors, covering 100% of the national territory.

• Diversified portfolio with new crops now representing 13% of revenue in 2025, up from 10% in 2024, while soybeans remain the core business.

• Expanded production capacity to 280,000 Big Bags and contracted area to 302,000 hectares in 2025, maintaining high quality standards and a 94% average germination rate.

• Celebrated five years as a listed company, acquiring SBS and expanding into new regions and business lines, including barter and CRAS emissions.

• Entered a strategic agreement with Syngenta via Bestway, doubling corn seed capacity and positioning for major growth in the corn segment.

Financial highlights

• Gross operating revenue for 2025 reached R$2.89 billion, up 44.2% year-over-year, with net operating income rising 42% to R$2.62 billion.

• Gross profit for 2025 was R$270 million, a 12% increase, but gross margin declined to 10% from 13% in 2024.

• Adjusted EBITDA was R$154 million (6% margin), down 16% year-over-year, and net income fell 37% to R$101 million.

• Adjusted net income for the year was R$20 million (1% margin), reflecting a challenging year.

• CapEx for 2025 was R$75 million, focused on operational flexibility and infrastructure, down from R$177 million in 2024.

Outlook and guidance

• 2026 focus is on improving margins, operational efficiency, and maximizing installed capacity utilization rather than aggressive expansion.

• Market expected to remain selective, favoring companies with strong financials and delivery capacity.

• Continued emphasis on portfolio diversification, sustainable expansion, and regenerative agriculture.

• Working capital demand expected to decrease in 2026 due to optimized operations and stable installed capacity.