BrasilAgro Companhia Brasileira de Propriedades Agrícolas (AGRO3) Q3 2026 earnings summary

Executive summary

• Net revenue for the nine-month period ended March 2026 was R$637.3 million, down 18% year-over-year, with an adjusted EBITDA of R$42.8 million and a net loss of R$76.1 million, reflecting pressured margins and high financial expenses.

• Celebrated 20 years of operations, highlighting resilience, disciplined capital allocation, and transformation of communities.

• Strategic decisions included slower soybean commercialization and revised planting plans to prioritize crops with better risk-return amid volatile commodity prices and high interest rates.

• Revenues from farm sales dropped 97% year-over-year, significantly impacting overall results.

• The sale of part of Fazenda Morotí in Paraguay reinforced active portfolio management, generating a gain and strong IRR.

Financial highlights

• Net revenue for 9M26 was R$637.3 million, with adjusted EBITDA of R$42.8 million, a 78% decrease from 9M25, and a net loss of R$76.1 million.

• Adjusted EBITDA margin fell to 7% from 22% in the prior year.

• Net income margin was -12%, compared to -5% in the previous year.

• Gross margin for soybeans improved to 19% in 9M26, corn margin turned positive at 17%, and sugarcane margin fell to 20%.

• Selling expenses rose 16% to R$45.7 million, mainly due to higher freight and storage costs.

Outlook and guidance

• Planted area for 25/26 is projected at 166,195 hectares, a 4% reduction from the initial estimate, mainly due to strategic adjustments and weather impacts.

• Projected total crop production for 25/26 is 424,509 tons, down 4% from the initial estimate.

• Weather stabilization and strengthening El Niño are expected to provide greater predictability for operational management.

• Input purchases for the 26/27 harvest are well underway, with significant portions of potassium chloride and phosphates already secured.

• Focused on reducing leverage and investment levels in anticipation of lower interest rates.