Terra Santa Propriedades Agrícolas (LAND3) Q4 2025 earnings summary

Executive summary

• 2025 marked the consolidation of a strategy focused on operational predictability, capital discipline, and strengthening the economic fundamentals of the rural real estate portfolio.

• Revenue growth was driven by a triennial renegotiation of lease contracts and higher average soybean prices, supported by disciplined pricing and hedging strategies.

• Operational efficiency improved with a reduction in general and administrative expenses and a focus on cost rationalization.

Financial highlights

• Net revenue reached R$96.6 million in 2025, up 41.3% year-over-year; gross profit was R$92.3 million, up 45.2%.

• Adjusted EBITDA was R$66.5 million, a 69.8% increase from 2024; reported EBITDA was R$2.2 million, impacted by non-recurring items.

• Net income for 2025 was R$4.7 million, down 35.3% from 2024, mainly due to non-recurring effects from reclassification of contingencies.

• Gross margin improved to 95.6% in 2025 from 93.0% in 2024.

Outlook and guidance

• 100% of the 2025/26 soybean crop volume was price-fixed at an average gross price of R$108.85 per sack by year-end 2025.

• Hedging strategies covered 68% of the 2025/26 and 22% of the 2026/27 soybean crops for USD, and 66% and 15% for soybean prices, respectively.