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

Executive summary

• Net revenue for the nine months ended March 2026 was R$637.3 million, with adjusted EBITDA of R$42.8 million and a net loss of R$76.1 million, reflecting pressured margins and high financial expenses.

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

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

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

• Operationally, 95% of the soybean harvest was completed, with yields in line with estimates despite climate challenges; sugarcane harvest began as planned.

Financial highlights

• Net revenue for 9M26 was R$637.3 million, down 18% year-over-year; adjusted EBITDA was R$42.8 million, a 78% decrease from 9M25.

• Net loss for 9M26 was R$76.1 million, compared to net income of R$76.7 million in 9M25.

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

• Gross margin for soybeans improved to 19% in 9M26, while corn margin turned positive at 17%; sugarcane margin fell to 14%.

• 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.

• Sugarcane production is estimated at 2.1 million tons with a yield of 79.09 tons/ha.

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

• Expecting continued volatility due to geopolitical conflicts and El Niño climate effects.