A BRL 90 million net loss closed BrasilAgro Cia Brasileira De Propriedades Agricolas (NYSE: LND) fiscal year 2025/2026, BRL 48 million better than the prior-year BRL 138 million result. Revenue reached BRL 926 million and adjusted EBITDA BRL 100 million, an implied EBITDA margin of 10.8%.
| Metric | FY 2025/26 (reported) | Prior year (reported) |
|---|---|---|
| Net revenue | BRL 926M | n/a |
| Adjusted EBITDA | BRL 100M | n/a |
| Net loss | BRL 90M | BRL 138M |
Sugarcane: BRL 60 million erased
Chief Financial Officer Gustavo Javier Lopez identified sugarcane as the year's principal drag. BrasilAgro moved approximately 650,000 fewer tons than in the prior year: roughly 300,000 tons lost to rain delays, another 300,000 to 350,000 to frost, wildfires and operational disruptions. The volume gap prevented dilution of fixed cultivation costs and cut sugarcane EBITDA by nearly BRL 60 million. The crop historically carries contribution margins of about 27%; those compressed as output fell.
Cotton added further weight. Quality and productivity problems in the prior harvest led management to cut planted area. Chief Executive Officer André Guillaumon cited high capital requirements and elevated interest rates, along with El Niño-related climate risk, as reasons for caution. He noted cotton prices had moved from roughly 65-68 to nearly 90 in recent days; the company raised productivity by nearly 50% year over year in its current crop.
Grain: the partial offset
Soybean production rose 19% and corn rose 30%, lifting combined output to 416,000 tons from 360,000 tons. Lopez said the improvement reflected higher volumes, better margins and lower cost per ton. Bean acreage fell 70% after management determined the crop's risk-return profile did not warrant the capital; productivity in the remaining bean area rose nearly 40%.
For the completed harvest, Guillaumon said soybeans were locked at a BRL 5.72 per dollar average exchange rate and sold at a Chicago reference of 10.94; cotton hedges sat at BRL 6.75 per dollar. For the coming harvest, he said soybean prices are already contracted above 12, versus about 11 in the prior cycle, with more than 30% of farm-sale receivables secured.
Monoammonium phosphate climbed from roughly BRL 580-600 per ton to BRL 800-850 per ton, though management said the increase translates to about 2% of soybean cost per hectare after purchasing decisions and currency management.
Lopez said the company carries approximately BRL 1.2 billion in debt against BRL 500 million in receivables. Management intends to use receivables and expected operating improvements to reduce debt, will not renew its CRA instrument, and is reviewing capital expenditure after running roughly BRL 150 million per year on land transformation, irrigation and technology over the prior five years.
The land portfolio was internally valued at roughly BRL 3.1 billion, with area maturity generating nearly BRL 95 million in value. Management plans to distribute approximately $0.30 per share in dividends.