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SEC filingBrasilAgro reported 9M26 net revenue of R$637.3 million, down 27% year-over-year, with a net loss of R$76.1 million and adjusted EBITDA of R$42.8 million, alongside the sale of 921 hectares of Morotí Farm in Paraguay.
BrasilAgro's 9M26 results reflect a challenging operating environment marked by commodity price declines, particularly soybeans, high Brazilian interest rates, and strategic delays in soybean sales to await better conditions, leading to net revenue of R$637.3 million (-27% YoY) and a net loss of R$76.1 million, a sharp reversal from 9M25 profit. Adjusted EBITDA fell to R$42.8 million (-78% YoY) with margins compressing to 7% from 22%, driven by lower biological asset fair value changes (R$-2.6 million vs R$92.5 million) due to soybean reference price drop from R$107 to R$97/bushel. Revenues from operations dipped 2% to R$635.8 million, with soybeans at R$277.4 million (+3% YoY volume but -8% in 3Q26). Management highlights disciplined capital allocation, revising second-crop plantings amid falling prices and weather delays impacting corn/beans windows, prioritizing profitability. Hedging advanced to 82% for soybeans at USD 10.85/bu and 75% FX protection. Real estate sale of 921ha Morotí Farm (Paraguay) for US$1.5M (US$3,062/arable ha, gain US$1,306/ha, IRR 14.2% USD) underscores active portfolio strategy; total portfolio 252,425ha. 2025/26 projections adjusted downward 4% for grains/cotton to 424k tons on reduced second-crop areas, sugarcane steady at 2.15M tons (79 t/ha). Management confident in asset quality and long-term value creation amid volatility.