BrasilAgro Companhia Brasileira de Propriedades Agrícolas (AGRO3) Q2 2025 earnings summary

Executive summary

• Net revenue for 6M25 reached up to R$645.6 million, a year-over-year increase of up to 54%, with adjusted EBITDA as high as R$200.4 million and net income of R$77.8 million, reversing a prior loss and marking a significant improvement from R$24 million in 6M24.

• Results were driven by strong operational performance, higher commodity prices, productivity gains, and real estate sales.

• Diversification in planted area and crop mix, along with investments in irrigation, reduced risk and improved resilience against climate and market volatility.

• Favorable weather and normalized rainfall supported crop development and harvest progress, though some regions experienced dry spells.

• Positive outlook for the 24/25 harvest, with commercial strategy focused on profitability and continued investments.

Financial highlights

• Net sales revenue for 6M25 reached up to R$645.6 million, a year-over-year increase of up to 54%.

• Adjusted EBITDA margin reached 31%, with net income margin up to 12% and improved margins in soy, corn, and sugarcane.

• Real estate sales contributed up to R$129 million in revenue and R$107.9 million in EBITDA/gains.

• Financial investments generated R$11 million in interest, down from R$19 million due to lower cash balances.

• Adjusted net debt/EBITDA ratio improved to as low as 1.55x, with total indebtedness at R$798.3 million and cash and equivalents at R$71.2 million.

Outlook and guidance

• Positive expectations for crop productivity, especially in sugarcane and soy, with continued investments in irrigation and crop management.

• Anticipated recovery in corn margins and expansion in Mato Grosso operations.

• Monitoring of fertilizer costs and exchange rates to optimize input purchases, with 100% of fertilizer and input purchases secured for 24/25.

• 24/25 harvest planted area projected at 176,690 ha, a 1% decrease from initial estimate but 3% above previous year.

• Weather forecasts indicate a neutral year, supporting positive crop development.